Form 168 INCOME TAX RULES 2026
Key Details of the Change
- New Designation: Form 26AS is now known as Form 168 under the new compliance document numbering system.
- Functionality: The core purpose remains the same; it continues to serve as a consolidated Annual Tax Statement linked to your PAN.
- Terminology Update: The new framework replaces “Assessment Year” and “Previous Year” with a unified “Tax Year”.
- Content: It still includes critical tax data, such as:
- Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) credits.
- Advance Tax and Self-Assessment Tax payments.
- Details of income tax refunds and pending/completed proceedings.
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Key Points about Form 168 Income tax
Form No. 168 under the new Income Tax Rules, 2026 serves as the newly evolved Annual Information Statement (AIS).
Here are the key details about Form 168 based on the provided sources:
- What it Replaces: It replaces the traditional Annual Information Statement (AIS) that was used under the old Income-tax Act, 1961.
- Effective Date: Form 168 will be applicable from Tax Year 2026-27 (Financial Year 2026-27) onwards, which is governed by the new Income-tax Act, 2025.
- What it Contains: Form 168 will reflect your comprehensive tax information for the year under the new Act, including TDS and TCS details. For example, if someone deducts tax on your behalf using the new PAN-based Form No. 141 (such as for the sale of property or rental income), that TDS credit will automatically reflect in your Form No. 168 once the deductor’s form is processed. The system will automatically segregate your tax credits based on the TDS returns filed by deductors.
- Where to Access it: Just like the old AIS, Form 168 will be easily accessible to taxpayers on the Income Tax Department’s e-filing portal.
Important Note for the Transition Year: Because of the transition from the old Act to the new Act, you will actually have two separate statements available on the portal during the transition period:
- The traditional AIS will be generated for Assessment Year 2026-27 (covering income and TDS/TCS for FY 2025-26 under the old Act).
- The new Form No. 168 will be generated for Tax Year 2026-27 (covering income and TDS/TCS for FY 2026-27 under the new Act).
Relationship with AIS and TIS
While Form 26AS (now Form 168) focuses primarily on tax credits, it is designed to work alongside other modern reporting tools:
- Annual Information Statement (AIS): Provides a more comprehensive, high-definition view of all financial transactions (e.g., stock trades, dividends, interest) beyond just TDS.
- Taxpayer Information Summary (TIS): A simplified summary generated from the AIS used specifically for pre-filling your tax return.
- Precedence: In the event of a discrepancy between these documents, the Form 26AS (Form 168) data on the TRACES portal is generally given preference for claiming tax credits
Transition Period
- Prior Tax Years: For proceedings or filings related to years before April 1, 2026, the old nomenclature (Form 26AS) will still be used.
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