Annual Information Statement (AIS) Gets New Format Under Draft Form No. 168

The Central Board of Direct Taxes (CBDT) has released Draft Form No. 168, proposing a structured format for the Annual Information Statement (AIS) for taxpayers. The draft form aims to present a comprehensive, consolidated view of a taxpayer's financial and tax-related information for a given tax year, enhancing transparency and ease of compliance.

What is Draft Form No. 168?

Form 168 is designed as the Annual Information Statement that captures critical personal details of the taxpayer along with multiple categories of tax-related information. The form seeks to act as a single reference document reflecting the taxpayer's interactions with the Income-tax Department during the relevant tax year.

Key Structure of Form 168

The draft Form 168 is divided into two main sections:

Part A: Particulars of the Person

This section captures basic identification and contact details of the taxpayer, including:

• Name
• Date of Birth or Incorporation
• Address
• PAN
• Email ID
• Contact Number with Country Code

These particulars help ensure accurate mapping of financial data to the correct taxpayer profile.

Part B: Nature of Information

Part B is the core of the Annual Information Statement and includes a wide range of tax and compliance-related data, such as:

1. Information relating to Tax Deducted or Collected at Source (TDS/TCS)
2. Details of Specified Financial Transactions (SFTs)
3. Information relating to the payment of taxes
4. Details of demand and refund
5. Information on pending proceedings
6. Information on completed proceedings
7. Any other information as prescribed under sub-rule (2) of Rule 245

This holistic approach ensures that taxpayers can view all reportable transactions and proceedings in one place, reducing discrepancies at the time of return filing.

Click here for: Draft Form No. 168

Why Draft Form 168 Matters

The introduction of Draft Form 168 reflects the government’s continued focus on:

• Transparency in tax reporting
• Pre-filled compliance ecosystem
• Reduction in mismatches and notices
• Improved taxpayer awareness of reported data

By consolidating tax deductions, transactions, demands, refunds, and proceedings, the AIS under Form 168 can help taxpayers verify information in advance and take corrective steps, if required.

What Taxpayers Should Watch For

Once notified, taxpayers should:

• Regularly review their Annual Information Statement
• Reconcile AIS data with books, Form 26AS and return disclosures
• Flag inconsistencies early to avoid future scrutiny or notices

Way Forward

As Draft Form 168 is part of the consultative process, stakeholders may expect further refinements before final implementation. Once notified, the AIS in this structured format is likely to become a key compliance document under the evolving Income-tax framework.