Under the Income-tax Rules, 2026, a resident individual who wishes to give a bank a declaration under…
Under rule 211(1) of the Income-tax Rules, 2026, a declaration under section 393(6) of the Income-tax Act, 2025 is furnished in Form No. 121, electronically or on paper;…
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Under the Income-tax Rules, 2026, a resident individual who wishes to give a bank a declaration under section 393(6) of the Income-tax Act, 2025, that the tax on his estimated total income of the tax year will be nil, so that no tax is deducted at source from the interest paid to him, must furnish the declaration in:
Answer and explanation
Correct answer C
Under rule 211(1) of the Income-tax Rules, 2026, a declaration under section 393(6) of the Income-tax Act, 2025 is furnished in Form No. 121, electronically or on paper; this single form is used in place of the earlier Forms 15G and 15H (formerly rule 29C of the Income-tax Rules, 1962). The payer allots a unique identification number to each declaration received and reports it in the quarterly statement of tax deducted at source. Form No. 130 is the certificate of tax deducted at source from salary and Form No. 131 the certificate of tax deducted at source on other payments (rule 215), while Form No. 128 is the application to the Assessing Officer for a certificate of deduction at a lower rate or of no deduction under section 395(1) (rule 213).
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