Aditya Bhattacharya Explains Key Considerations for EPF Withdrawals Under New Form 121

Aditya Bhattacharya has highlighted the key considerations for taxpayers seeking exemption from tax deducted at source (TDS) on Employees’ Provident Fund (EPF) withdrawals under the new Form 121, which replaces Forms 15G and 15H from tax year 2026–27.

Aditya clarified that Form 121 does not make an EPF withdrawal tax-free. Instead, it allows eligible individuals whose estimated total income for the year results in nil tax liability to request non-deduction of TDS. The facility is optional and is not available to non-residents or individuals with an actual tax liability. He also emphasised that a valid Permanent Account Number (PAN) is mandatory, and a declaration submitted without one is invalid under EPFO’s instructions.

“Members planning a withdrawal should use the new form from the start, rather than wait for a deduction and then claim a refund,” Aditya said, advising EPF members to verify their eligibility before submitting Form 121.

Read the full article here: https://www.moneycontrol.com/news/business/personal-finance/epf-withdrawal-form-121-replaces-forms-15g-and-15h-for-tds-exemption-from-tax-year-2026-27-14048482.html 

Last Updated on 9 October, 2026