Central
Labour CodeCircular on Implementation of the New IT Act, 2025 – Transition from Form 15G/15H to Consolidated Form 121 for TDS-exempted Incomes
Central published this gazette notification (Gazette ID: central-circular-on-implementation-of-the-new-it-act-2025-transition-from-form-15g-15h-to-consolidated-form-121-for-tds-exempted-i) on 2026-04-13, filed under Labour Code. The purpose of this notification is to facilitate a smoother and more efficient process for individuals and organizations to claim TDS exemptions under the New IT Act, 2025.
| Issue Date | |
| Published | |
| Gazette ID | central-circular-on-implementation-of-the-new-it-act-2025-transition-from-form-15g-15h-to-consolidated-form-121-for-tds-exempted-i |
| Category | Labour Code |
Action Required
Employers and HR departments must update their systems and processes to use the Consolidated Form 121 for TDS-exempted incomes, ensuring compliance with the New IT Act, 2025. They should also educate their employees on the new form and its usage.
Statutes & Rules Amended
- New IT Act, 2025
- Form 15G
- Form 15H
- Consolidated Form 121
Compliance Impact
| Action Required | Employers and HR departments must update their systems and processes to use the Consolidated Form 121 for TDS-exempted incomes, ensuring compliance with the New IT Act, 2025. They should also educate their employees on the new form and its usage. |
| Compliance Deadline |
Purpose
The purpose of this notification is to facilitate a smoother and more efficient process for individuals and organizations to claim TDS exemptions under the New IT Act, 2025.
Summary
The Central Government has issued a circular regarding the implementation of the New IT Act, 2025, which involves transitioning from Form 15G/15H to a Consolidated Form 121 for TDS-exempted incomes. This change aims to simplify the process of claiming exemptions from Tax Deducted at Source (TDS) for certain types of income.