EPF withdrawal rules: Form 121 replaces Forms 15G and 15H from April 2026
Mint 1 hr ago·14 Oct 2026, 11:54 am
The government has announced a major change to the tax deduction at source (TDS) rules for Employees' Provident Fund (EPF) withdrawals. Starting April 1, 2026, the old forms 15G and 15H will be replaced by a new Form 121. This new declaration will be required for eligible taxpayers who want to avoid TDS on their EPF withdrawals.
This update is important for investors as it clarifies the process for tax relief. While Form 121 helps eligible individuals avoid TDS, it does not automatically make the withdrawal tax-free. The income will still be taxable in the year it is received, but this form helps manage the upfront tax deduction.
Investors should note that this rule change is set to take effect in the future. It is advisable to keep an eye on the official government notifications and consult with a tax advisor to understand how this might impact your specific financial situation when the new rules come into effect.
Excerpt from Mint
From April 1, 2026, Form 121 replaces Forms 15G and 15H for eligible taxpayers seeking TDS relief on specified income, including qualifying EPF withdrawals. Check who can submit the new declaration, its validity and why it does not automatically make taxable withdrawals tax-free. Employees planning to withdraw money…Read the original at Mint
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