Whalesbook
Yeh Naya Form 121 Hai Kya Cheez?
EPFO ne ab Forms 15G aur 15H ko replace karke ek hi single declaration form, Form 121, introduce kiya hai. Yeh sab April 1, 2026 se लागू ho jayega, aur yeh sab India ke naye Income Tax Act, 2025 ke saath align kiya gaya hai. Pehle alag alag forms use karne padte the age ke hisaab se (Form 15G for under 60, Form 15H for senior citizens), par ab yeh tension khatam. Naya form sabhi ke liye hai jo TDS exemption chahte hain apni EPF withdrawal ya kisi aur income par, agar unki estimated total income taxable limit se kam hai.
Tracking Aur Compliance Hue Aur Strict
Yeh naya move sirf process ko aasan banane ke liye nahi hai, balki compliance ko bhi strong bana raha hai. Har Form 121 submission ko ek unique identification number (UIN) milega, jisme tax year aur payer ka TAN number bhi include hoga. Isse tax authorities ko declarations track karne mein aasani hogi. Itna hi nahi, taxpayers ko apne pichle do saal ke income tax returns ki details bhi verification ke liye deni pad sakti hai, jo purane forms mein itna common nahi tha. Naye Income Tax Act, 2025 mein TDS provisions ko bhi consolidate kiya gaya hai, jisme non-salary payments ke liye Section 393 sabse important hai.
EPF Withdrawal Par TDS Kaise Lagta Hai?
Yaad rakho, EPF withdrawal par TDS tab lagta hai jab aapki service 5 saal se kam ho aur withdrawal amount ₹50,000 se zyada ho. Agar aap PAN card dete hain toh TDS 10% lagega, par agar PAN nahi hai toh yeh 20% (ya kabhi kabhi 34.608% tak) ho sakta hai. Agar aapki total estimated income, EPF withdrawal milakar, taxable limit se kam hai, toh aap Form 121 use karke TDS avoid kar sakte hain. Par yeh form companies aur firms ke liye nahi hai.
Naye Tax Reforms Aur Naya 'Tax Year'
Income Tax Act, 2025 ke saath, 'Previous Year' aur 'Assessment Year' ka system badal kar ab sirf 'Tax Year' concept aa gaya hai, jisse cheezein clear hongi. TDS rules ko bhi ek hi jagah consolidate kar diya gaya hai, jisse deductors ke liye process easy ho jayega.
Purani Galtiyon Se Bacho Aur Risks Ko Samjho
Purane forms mein kai baar log galat assessment year select kar lete the, income kam estimate kar lete the, ya PAN mein problem hoti thi. Yeh sab issues Form 121 se kam hone chahiye. Lekin, ek baat yaad rakho, agar aapne galat self-declaration di toh naye Act ke tahat penalty lag sakti hai. Agar aapki estimated income 'Tax Year' mein taxable limit se zyada ho jati hai, toh Form 121 invalid ho jayega aur aapko isko correct karna padega ya consequences face karne padenge. Jo log April 1, 2026 ke baad bhi purane Forms 15G/15H use karte dikhenge, unko baad mein Form 121 submit karne ki zaroorat pad sakti hai.