New Delhi, May 3 -- If you are planning to withdraw money from your PF (Provident Fund) account and your expected tax liability for the financial year is nil, then you can give a declaration under 'Form 121' under the Income Tax Act, 2025 to ensure that there is no TDS (Tax Deducted at Source) on your eligible income. If you fail to do this, TDS will be deducted and the final amount you receive will be lower.

"The declarant, who is a resident, must ensure that their expected final tax liability for the year is NIL and duly fill all the rows in Part A of the Form No.121 and sign it. The details as required in Part B of the Form No.121 has to be filled by the office i.e. Payer. However, filing of Form No.121 is not mandatory and is meant t...