The form provides for declaration under section 393(6) for receipt of certain incomes without deduction of tax. It is to be furnished by eligible persons to the payer for specified incomes.

The provisions apply to resident individuals, Hindu Undivided Families, and other specified persons eligible to furnish declaration for non-deduction of tax at source in respect of specified incomes.

Form No. 121 is prescribed for furnishing declaration for receipt of certain incomes without deduction of tax.

It contains Part A for details to be furnished by the declarant including personal details, income details, estimated total income, and declaration.

It contains Part B for verification by the person responsible for paying income including details of declarant, income, and certification.

It requires furnishing of Permanent Account Number, estimated income, aggregate income, and estimated total income for the tax year.

It provides for assignment of Unique Identification Number by the person responsible for paying income and reporting in TDS statement.

It specifies that the declaration is applicable for incomes including provident fund payments, insurance commission, rent, income from units, interest, life insurance payments, and dividend.

It includes conditions relating to eligibility, submission, verification, and consequences in case of false declaration.

“Form No. 121
[See rule 211]

Declaration under section 393(6) for receipt of certain incomes without deduction of tax”