The Income-tax Rules, 2026 introduce significant changes to income tax forms, affecting taxpayers broadly. Key updates include new PAN application forms (93-96), TDS certificates for salary (Form 130) and non-salary income (Form 131), declarations for nil TDS (Form 121), annual tax information statements (Form 168), and applications for lower TDS (Form 128).
[1] Must know Income tax form changes
The government has introduced a major overhaul of income tax forms under the new Income-tax Rules, 2026, bringing several changes that taxpayers, salaried employees, pensioners, businesses and deductors should be aware of. Here are the key income tax form changes every taxpayer should know.
[2] Forms 93, 94, 95, and 96: Allotment of Permanent Account Number
PAN application forms have been renamed. Previously known as Forms 49A and 49AA, these forms have been replaced by Forms 93, 94, 95, and 96, depending on the application type. Form 93 is for individual Indian nationals, whereas Form 94 is for an Indian firm, an entity incorporated in India, or an unincorporated entity established in India. Form 95 applies to individuals who are not Indian citizens. Form 96 is meant for an entity incorporated outside India and an unincorporated entity formed outside India.
[3] New Form 130: Salary TDS certificate for employees & pensioners
Form No. 130 is a certificate for Tax Deducted at Source (TDS) that is issued annually by an employer to a salaried employee or a pensioner. It provides a detailed summary of the salary earned, tax deducted and deposited and other applicable deductions. It also applies to interest income earned by specified senior citizens.
[4] New Form 131: TDS certificate for non-salary income
Form No. 131 is a certificate prescribed under Section 395(4)(a) of the Income-tax Act, 2025, for TDS. Such a certificate is issued by the deductor to the deductee on whose behalf, tax has been deducted at source. The form is meant to enable deductees to claim TDS credit at the time of filing an ITR.
[5] New Form 121: Declaration for nil TDS deduction
Form No. 121 is a statutory declaration prescribed under the Income-tax Rules, 2026, through which, a taxpayer declares that tax liability on its estimated total income for the relevant tax year is nil. Based on this declaration, the payer (deductor) is permitted to not deduct tax at source on a specified payment.
[6] New Form 168: Annual Tax Information Statement
Form 168, notified under Rule 245 of the Income-tax Rules, 2026, is a comprehensive annual tax information statement reflecting all tax-related and specified financial transactions linked to a taxpayer’s PAN. It enables taxpayers and the Income Tax Department to verify taxes paid, income sources and compliance history.
[7] New Form 128: Application for lower or nil TDS/TCS deduction
Form No. 128 is used by a taxpayer to apply for a certificate authorising the payer to deduct/collect tax at a lower or nil rate under Section 395(1)/395(3) of the Income-tax Act, 2025.
