Upload of Form No. 121 Declarations for the Quarter Ended June 2026 – Key Compliance Requirement

Entities receiving declarations in Form No. 121 from eligible recipients must ensure timely uploading of the prescribed particulars for the quarter ending June 2026. This is an important compliance obligation under the Income-tax Act, 2025 and the Income-tax Rules, 2026, and failure to comply may result in regulatory scrutiny.

What is Form No. 121?

Form No. 121 is the new unified self-declaration introduced under the Income-tax Rules, 2026, replacing the earlier Form 15G and Form 15H with effect from 1 April 2026.

Eligible resident taxpayers whose estimated tax liability for the tax year is Nil may furnish Form No. 121 to the payer, requesting that tax should not be deducted at source (TDS) on eligible payments such as interest and other specified incomes, subject to the prescribed conditions under Section 393(6) of the Income-tax Act, 2025. (Income Tax India)

Quarterly Upload Requirement

Where Form No. 121 declarations are received during the quarter ending 30 June 2026, the payer is required to upload the particulars of these declarations with the Income-tax Department within the prescribed due date through the designated electronic filing system.

This reporting requirement enables the Income-tax Department to verify declarations furnished by recipients and supports transparency in TDS compliance. (India Briefing)

Compliance Checklist for Payers

Before uploading the declarations, ensure that:

• Form No. 121 has been duly received from the recipient.

• The declaration contains a valid PAN and all mandatory particulars.

• The recipient satisfies the eligibility conditions prescribed under Section 393(6).

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• Proper records of all declarations are maintained for future verification.

• The prescribed quarterly upload is completed within the applicable due date. (Income Tax India)

Key Changes Under the New Law

Some important changes introduced under the Income-tax Act, 2025 include:

• Form No. 121 replaces both Form 15G and Form 15H.

• A single declaration form now applies to eligible resident taxpayers irrespective of age.

• The substantive eligibility conditions continue to remain broadly similar to the earlier framework.

• The new compliance and reporting requirements apply from Tax Year 2026-27 onwards. (Income Tax India)

Why Timely Upload is Important

Timely uploading of Form No. 121 declarations helps:

• Maintain proper TDS compliance.

• Support the validity of non-deduction of tax based on recipient declarations.

• Reduce the risk of notices, penalties, or disputes during departmental verification.

• Ensure accurate reporting under the new Income-tax compliance framework. (Etds)

Conclusion

Businesses, banks, financial institutions, and other deductors should establish robust internal processes for collecting, validating, and uploading Form No. 121 declarations received during the quarter ending June 2026. Timely compliance will help avoid unnecessary tax disputes and ensure smooth reporting under the Income-tax Act, 2025.

For expert guidance on this topic, contact your tax professional today.

EXCERPT: Upload Form No. 121 declarations received during the quarter ending June 2026 within the prescribed timeline to ensure TDS compliance.

SEO_TITLE: Form No. 121 Quarterly Upload Due Date – June 2026

SEO_DESCRIPTION: Upload Form No. 121 declarations for the June 2026 quarter on time. Stay compliant with TDS rules. Contact a tax professional today.