Confused About Form 168? Here’s What It Means For Your Tax Return

For taxpayers used to checking Form 26AS before filing income tax returns, the mention of Form 168 may sound like a new compliance requirement. But tax experts say the change needs to be understood calmly. Form 168 is essentially the renumbered version of Form 26AS under the Income-tax Act, 2025, while the broader tax information ecosystem around returns continues to include AIS, Form 16, bank statements, and broker reports.

“If you've been filing taxes for a few years, you've likely grown comfortable with Form 26AS as your go-to reference before hitting submit on the ITR. Under the Income-tax Act, 2025, and the rules that follow, that form has been renumbered as Form 168 — same essential purpose, updated identity,” says Dinesh K. Jain, managing partner and Chartered Accountant, Dinesh Aarjav & Associates, Chartered Accountants.

Form 168 Vs AIS

The important point for taxpayers is that Form 168 should not be seen in isolation. It continues to serve the basic function that Form 26AS served, but taxpayers must also look at the Annual Information Statement (AIS) because the income tax department now has access to a much wider set of reported transactions. This means return filing is no longer only about matching Tax Deducted at Source (TDS); it is also about reconciling reported income and financial transactions.

“Honestly, Form 168 is not as complicated as it sounds. It is essentially the same Form 26AS that taxpayers have been using for years, just renamed under the new Income Tax Act 2025,” says Shourya Garg, advocate, Garg & Garg Tax Associates.

Garg says the form consolidates TDS, Tax Collected at Source (TCS), tax payments, refunds, and proceedings linked to the taxpayer’s Permanent Account Number (PAN). AIS, however, goes further and captures income from dividends, mutual funds, property transactions, interest, and other reported items. The way taxpayers should understand the difference is simple: Form 168 reflects tax deducted and paid, while AIS reflects income and transactions known to the department.

What Changes This Filing Season?

For the current filing season, taxpayers should avoid changing their process in panic. The new terminology is part of the larger shift to the Income Tax Act, 2025, but for returns being filed now, Form 26AS and AIS continue to remain relevant.

“Form 168 itself covers what 26AS always did — TDS credits, TCS, advance tax, self-assessment tax, and refunds. What's new is the broader layer sitting alongside it,” says Jain.

What If The Numbers Do Not Match?

The practical risk comes when numbers do not match. A salaried taxpayer may find different TDS figures in Form 16 and Form 26AS. An investor may see capital gains in AIS that differ from broker reports. Interest, dividends, or property-related entries may also be duplicated or wrongly reported.

Garg says taxpayers should not ignore such gaps. “The first thing I tell anyone who spots a mismatch is that do not panic, but do not ignore it either. Mismatches happen more often than people realise, and the tax department's systems have gotten significantly better at catching them automatically,” says Garg.

How To Correct Mismatches

The correction route depends on the mismatch. If Form 16 and Form 26AS show different TDS figures, the employer may need to correct the TDS return. If AIS shows incorrect or duplicate income, taxpayers can submit feedback on the income tax portal. For capital gains, taxpayers should rely on actual transaction data and report accurately.

Check Before You File

The larger lesson is clear: do not file only by copying what appears in one document. Check Form 26AS, AIS, Form 16, bank statements, and broker reports before filing. Every rupee of actual income needs to be disclosed, whether or not AIS captures it. Filing what is accurate, rather than what is convenient, remains the safest approach.

FAQs

1. What is Form 168, and how is it different from Form 26AS?

Form 168 is the renumbered version of Form 26AS under the Income-tax Act, 2025. It continues to show TDS, TCS, tax payments, refunds, and related tax records.

2. Do taxpayers need to check both Form 168 and AIS before filing an ITR?

Yes. Form 168 shows taxes deducted or paid, while AIS provides a wider view of reported income and transactions such as interest, dividends, mutual fund dealings, and property transactions.

3. What should taxpayers do if Form 168, AIS, and Form 16 do not match?

Do not ignore the mismatch. Ask the employer to correct TDS-related errors, submit AIS feedback for wrong entries, and rely on bank statements and broker records to report actual income accurately.