The Income-tax Act, 2025 replaces the Annual Information Statement (AIS) — earlier tied to Form 26AS under the 1961 Act — with Form No. 168. From Tax Year 2026-27 onwards, Form 168 is the comprehensive statement of all financial information reported to the Income Tax Department. Understanding Form 168 is essential for accurate return filing and avoiding notices.
Form No. 168 at a Glance
| AY 2026-27 and Earlier | Tax Year 2026-27 Onwards | |
|---|---|---|
| Statement | Old AIS / Form 26AS | Form No. 168 |
| Governing Act | Income-tax Act, 1961 | Income-tax Act, 2025 |
| Governing Section | Section 285BB | Section 510 |
| Governing Rule | Rule 114-I | Rule 245, IT Rules 2026 |
Data sources reported in Form 168
Form 168 and the Taxpayer Information Summary (TIS) together feed the pre-filled ITR under the Income Tax Rules, 2026, and support return filing under Section 263 of the 2025 Act. A mismatch between Form 168 and the ITR can trigger proceedings under the Income Tax Act, 2025.
From AIS to Form 168
The Annual Information Statement — familiar to taxpayers under the Income-tax Act, 1961 — has been renumbered under the Income-tax Act, 2025 as Form No. 168, effective for periods starting Tax Year 2026-27. Form 168 performs the same function as the earlier AIS/Form 26AS: it consolidates financial information reported by banks, employers, stock exchanges, registrar offices and other entities to the Income Tax Department.
Important timing point: For the return of income being filed for AY 2026-27 (which assesses income earned in FY 2025-26), taxpayers continue to use the existing Form 26AS and AIS under the 1961 Act. Form 168 becomes relevant only for income earned from FY 2026-27 onwards (i.e., the return filed as AY 2027-28).
Applicability of Form 168
| Period | Statement | Governing Act |
|---|---|---|
| AY 2026-27 and earlier | Annual Information Statement (AIS) / Form 26AS | Income-tax Act, 1961 |
| Tax Year 2026-27 onwards | Form No. 168 | Income-tax Act, 2025 |
What Form 168 Contains
Form 168, like the AIS under the 1961 Act, aggregates financial data across two parts:
Part A — Particulars of the Person: PAN, name, date of birth/incorporation, address and contact details.
Part B — Nature of Information: Financial transactions reported by third parties, including:
| Information Category | Reporting Entity |
|---|---|
| Salary income | Employers, via TDS under Section 392 |
| Interest income | Banks / NBFCs, via TDS under Section 393 |
| Dividend income | CDSL/NSDL depositories |
| Securities transactions (shares, mutual funds) | Stock exchanges, RTAs |
| Business turnover | GSTN (from GST returns) |
| Property purchases/sales | Sub-Registrar offices |
| Foreign remittances | Authorised Dealer banks |
| Tax payments | OLTAS (advance tax, self-assessment tax) |
| TDS/TCS deducted | TDS/TCS returns under Sections 392–394 |
Form 168 is auto-generated by the Income Tax Department and is not filed manually by the taxpayer. It is dynamically updated through the year as deductors, collectors and reporting entities file their statements.
The Taxpayer Information Summary (TIS)
Alongside Form 168, the Taxpayer Information Summary (TIS) provides a simplified, category-wise summary of income and taxes. TIS feeds into pre-filled returns for Tax Year 2026-27 under the Income Tax Rules, 2026. Taxpayers should verify all entries in TIS before filing — TIS itself cannot be edited directly; corrections flow through feedback submitted against the underlying Form 168 entry.
Why Form 168 Matters
- Pre-filled ITR under the 2026 Rules — New ITR forms for Tax Year 2026-27 draw pre-fill data from Form 168/TIS. Discrepancies between reported income and Form 168 data are flagged automatically.
- Reassessment risk — Income reported in Form 168 but not declared in the return can attract reassessment proceedings by the Assessing Officer.
- High-value transaction reporting — The categories reported through the Statement of Financial Transactions (SFT) continue to flow into Form 168: property transactions of ₹30 lakh or more, cash deposits aggregating ₹10 lakh or more in savings accounts, and credit card payments above ₹1 lakh in cash mode (or ₹10 lakh in any other mode).
- TDS section references changed — Since TDS is now consolidated under Section 392 (salary) and Section 393 (all other payments, including bank interest, rent, professional fees and contractor payments) of the 2025 Act, replacing the 192/194-series sections of the 1961 Act, Form 168 entries will cite the new section references.
How to Use Form 168 for Filing Tax Year 2026-27 Returns
Step 1: Access Form 168 from the Income Tax e-filing portal (under the Income-tax Act, 2025 section) after Tax Year 2026-27 ends (after 31 March 2027).
Step 2: Verify each entry against your records — employer TDS certificates (Form 130, replacing Form 16), bank statements, broker contract notes and, for earlier years, Form 26AS.
Step 3: If any entry is incorrect, submit feedback through the Form 168 portal — for example, marking an entry as incorrect, not fully correct, duplicate, denied, or relating to another PAN or year.
Step 4: Reconcile Form 168 data with your actual income, capital gains and deductions before filing the ITR under the Income Tax Rules, 2026.
Step 5: Declare all income in the ITR — including smaller amounts — since the Department’s systems automatically flag mismatches against Form 168 data.
For AY 2026-27 (Income of FY 2025-26)
For the return of income to be filed for AY 2026-27 (income earned during FY 2025-26, due by July/October 2026), the old Form 26AS and AIS under the Income-tax Act, 1961 continue to apply. Access it from the e-filing portal under the existing AIS/Form 26AS tab and reconcile it with your Form 16 and TDS records as usual. Form 168 comes into use only for the return covering income earned in Tax Year 2026-27 onwards.
The information provided herein is for general guidance and informational purposes only and does not constitute professional advice. For advice tailored to your specific situation, please consult a qualified Chartered Accountant.