When filing your income tax return, you usually rely on documents like your salary certificate, bank statements, or investment records. But the ITD already receives a large amount of financial information about you from different reporting entities linked to your PAN.
To help you view this information in one place, the department provides the Annual Information Statement (AIS) – Form 168
What is Form 168?
Form 168 is the format through which the Annual Information Statement (AIS) is presented to taxpayers. It provides a consolidated view of the financial information reported about you during a particular tax year.
The ITD collects this information from a wide range of sources – employers, banks, NBFCs, EPFO, brokers, insurance companies, registrars like CAMS and KFintech, and depositories such as CDSL and NSDL.
In short, the tax department already has a detailed picture of the financial activity reported in your name, often more than you might realise.
Form 168 allows you to review this information and verify that the same details are correctly reflected while filing your income tax return.
What does Form 168 show?
The form specifies the relevant tax year and is divided into two parts.
Part A: Taxpayer details
This section captures your basic identity details. It includes your name, PAN, date of birth (or date of incorporation for companies and trusts), registered address, email, and mobile number.
Part B: Information reported
This is the core section of the form where all your financial information is reported. It covers the following categories:
1. TDS and TCS
Taxes deducted at source on income such as salary, bank interest, rent, and professional fees, along with tax collected at source on certain transactions.
2. SFT (Specified Financial Transactions)
High-value transactions reported directly to the ITD by banks, registrars, and depositories. These may include property purchases, buying a car, significant stock investments, or settling large credit card bills.
3. Tax payments
Records of advance tax and self-assessment tax you paid directly.
4. Demand & refund details
Information on outstanding tax demands from previous assessments or refunds processed by the department.
5. Proceedings status
Details of pending or completed scrutiny assessments and other legal proceedings.
6. Withholding of refund
Information on refunds withheld by the Assessing Officer under Rule 245(2) during ongoing assessment or reassessment proceedings.
For a clearer understanding, we’ve attached the official draft of Form 168 below.
Draft Form 168.pdf (127.1 KB)
How to use AIS while filing your ITR?
AIS acts as a single view of the financial information reported about you, making it an important reference when filing your income tax return.
After you file your ITR, the ITD compares the details reported in your return with the information available in your AIS. If there’s a mismatch, for example, if interest income from a savings account is not reported, you may receive a notice from the department.
In recent years, taxpayers have also received emails highlighting such mismatches and asking them either to provide feedback on AIS transactions or file an updated return.
That’s why it’s always a good idea to review your AIS before submitting your return. Doing this reduces the chances of receiving a notice later.
While Form 130 (your salary certificate) is issued once a year, Form 168 continues to be updated throughout the year. So before filing your return, always cross-check your bank statements, Form 130, and Form 168. If they all match, your filing will be a breeze.