The Income Tax Department has introduced Form 168, an upgraded Annual Information Statement that replaces Form 26AS. This automatically generated form consolidates all tax-related and financial transaction data linked to a taxpayer's PAN, offering a comprehensive view of tax compliance.
As the income tax return filing season begins, taxpayers are advised to gather essential documents like Form 16, Form 26AS, and AIS. For salaried individuals, Form 16 is crucial as it details salary, tax deducted, and deposited. If an employer fails to issue Form 16 by the June 15 deadline, taxpayers can still file using salary slips, bank statements, Form 26AS, and AIS, but should reconcile TDS details.
Salaried taxpayers must cross-check Form 26AS and AIS before filing ITR for FY 2025-26. These consolidated tax statements detail TDS/TCS. Discrepancies can lead to tax demands. Errors should be reported to the deductor or via the e-filing portal.
