The Form No. 121 needs to be submitted at the beginning of every tax year or at the time of deposit if in case the investment is done during the tax year. In case of entities/companies, the Lower or Nil Tax Deduction Certificate needs to be submitted immediately after the date of issue or before 31st March (end of the relevant tax year), whichever is earlier.
Note:- Form No. 121 is not applicable for cases wherein the deposit interest exceeds the basic exemption limit set by the Income tax Act, 2025, i.e. ₹2.5 lakhs for individuals and ₹3 lakhs for senior citizens, or as applicable from time to time.
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