New Delhi, May 5 -- The new Income-Tax Act (ITA) 2025, which came into force from last month (1 April), replaced the original Tax Deducted at Source aka TDS forms - Form 15G and 15H - with a single Form 121. Overall, the updates are meant to streamline and simplify India's tax codes, the government said, noting that it has consolidated number of forms from 399 to 190. Notably, the new forms will be used for AY27 (FY26).

From AY2026-27, Form 121 is the new, unified income tax form that replaces the erstwhile Form 15G and Form 15H, which both dealt with TDS. The form is to be submitted by individuals and Hindu Undivided Families (HUFs) to prevent deduction of TDS on dividends, interest and other income when earnings are below the taxable a...