The Income Tax Act, 2025 replaces the Annual Information Statement (AIS) known 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.
From AIS to Form 168
The Annual Information Statement (AIS) — familiar to taxpayers under the Income Tax Act, 1961 — has been replaced under the Income Tax Act, 2025 by Form No. 168 for periods starting from Tax Year 2026-27. Form 168 consolidates all financial information reported by various entities (banks, employers, stock exchanges, registrar offices, etc.) to the Income Tax Department.
Applicability of Form 168
| Period | Annual Information Statement | Governing Act |
|---|---|---|
| AY 2026-27 and earlier | Annual Information Statement (AIS) | Income Tax Act, 1961 |
| Tax Year 2026-27 onwards | Form No. 168 | Income Tax Act, 2025 |
What Form 168 Contains
Part A — General Information: PAN, Aadhaar, name, address, and contact details.
Part B — Information Summary: 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 (CAMS/KFintech) |
| Business turnover | GSTN (from GSTR data) |
| Property purchases/sales | Sub-Registrar offices |
| Foreign remittances | Authorised Dealer banks |
| Tax payments | OLTAS (advance tax, self-assessment tax) |
Why Form 168 Matters
- Pre-filled ITR under Rules 2026: The new ITR forms for Tax Year 2026-27 will draw pre-fill data from Form 168 / TIS.
- Reassessment Risk: Income reported in Form 168 but not declared in the return can attract reassessment proceedings.
- High-Value Transaction Reporting: Property purchases above ₹30 lakh, cash deposits above ₹10 lakh in savings accounts, credit card payments above ₹1 lakh (cash mode) continue to be reported in Form 168.
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 Income Tax Act, 2025 section) after Tax Year 2026-27 ends (after March 31, 2027).
Step 2: Verify each entry against your records — employer certificates, bank statements, broker contract notes.
Step 3: If any entry is incorrect, submit feedback within the Form 168 portal — marking it as “Correct”, “Not fully correct”, “Duplicate”, “Denied”, or “Relates to another PAN / year”.
Step 4: Reconcile Form 168 data with actual income, capital gains, and deductions before filing the ITR.
Step 5: Declare all income in the ITR — including items that may appear small — as the department’s systems automatically flag mismatches.
The information provided herein is for general guidance and informational purposes only. For advice tailored to your specific situation, please consult a qualified Chartered Accountant.
The information provided herein is for general guidance and informational purposes only. For advice tailored to your specific situation, please consult a qualified Chartered Accountant.