Published 9 May 2026
How to Verify Your Tax Credits
Form 26AS -- the Annual Tax Statement -- has been the gold standard for verifying tax-deducted-at-source / tax-collected-at-source / advance tax credit since 2009. From Finance Act, 2020 onwards, the framework expanded to the Annual Information Statement and the Taxpayer Information Summary, pulling in financial transactions across banks, mutual funds, registrars, and depositories. This article explains the transition, what each form contains, how to read them, and how to handle mismatches BEFORE you file your Income-tax Return.
Form 26AS -- The Old Workhorse
Form 26AS, under section 203AA of the Income-tax Act, 1961 read with Rule 31AB of the Income-tax Rules, 1962, is a consolidated tax-deducted-at-source / tax-collected-at-source statement organised in seven parts:
Part | Content |
|---|---|
Part A | Tax-deducted-at-source (employer, contractor, dividend, fixed deposit interest etc.) by quarter |
Part B | Tax collected at source |
Part C | Tax paid by self (advance tax / self-assessment) |
Part D | Refunds |
Part E | High-value Specified Financial Transactions |
Part F | Tax-deducted-at-source on immovable property under section 194-IA (where the assessee is the buyer) |
Part G | Defaults / errors |
Form 26AS is available on the Income Tax Portal under My Account then View Form 26AS, or via the Tax Deduction Reconciliation Analysis Correction Enabling System portal. It is updated within 7 to 15 days of the tax-deducted-at-source deposit by the deductor; longer for Specified-Financial-Transactions data.
Annual Information Statement -- The Comprehensive Successor
The Annual Information Statement was introduced from assessment year 2020-21 onwards as a successor to Form 26AS. The Annual Information Statement is more comprehensive. It includes:
- All Form 26AS data.
- Specified Financial Transactions reported by banks, mutual funds, registrars, depositories, and post offices (cash deposits over INR 10 lakh; credit card spends over INR 10 lakh; fixed deposits over INR 10 lakh; mutual fund investments over INR 10 lakh; immovable property transactions over INR 30 lakh).
- Goods and Services Tax data integration.
- Demand and refund history.
- High-value transactions like share sales, dividends, and interest income across all accounts.
The Annual Information Statement is the SINGLE SOURCE OF TRUTH for Income-tax Return filing.
Taxpayer Information Summary
The Taxpayer Information Summary is the simplified version of the Annual Information Statement -- derived data showing aggregated income heads as the tax department sees them. Categories include: salary income; income from house property; income from business or profession; capital gains; income from other sources; income from foreign sources. The Taxpayer Information Summary is what gets pre-populated into Income-tax Return forms. CRITICAL: the Annual Information Statement shows raw transactions; the Taxpayer Information Summary shows derived income -- RECONCILE BOTH against your books before filing.
The Renumbering Question Under the 2025 Act
Some sources have referenced 'Form 168' as a successor under the Income-tax Act, 2025 framework. As of publication, the Central Board of Direct Taxes has NOT formally renamed Form 26AS / Annual Information Statement to Form 168. The 2025 Act section 510 (Furnishing of Information) preserves the framework. Practitioners should continue using the Annual Information Statement / Taxpayer Information Summary terminology. If the Central Board of Direct Taxes issues a new form schedule for the 2025 Act, the Annual Information Statement / Taxpayer Information Summary may receive a numbered designation. Watch for the formal Central Board of Direct Taxes Notification.
How to Access Your Annual Information Statement
Step | Action |
|---|---|
1 | Log in to www.incometax.gov.in. |
2 | Navigate to Services then Annual Information Statement. |
3 | Select financial year (e.g. 2024-25 for assessment year 2025-26). |
4 | Download the Annual Information Statement (PDF or JavaScript Object Notation) and the Taxpayer Information Summary. |
5 | Cross-check each transaction: tax-deducted-at-source amounts versus Form 16 / 16A; specified-financial-transaction entries versus your bank statements / mutual fund statements. |
6 | For mismatches, click Submit Feedback on the entry: 'Information is correct' / 'Information not fully correct' / 'Information relates to other Permanent Account Number' / 'Information is duplicate' / 'Income or receipt is not taxable' / 'Income or receipt is exempt'. |
7 | The Annual Information Statement gets re-issued with your feedback within approximately 30 days. |
Common Mismatches and How to Fix Them
- Bank fixed deposit interest in the Annual Information Statement but not in your records: possible second account you forgot. Reconcile with bank statement; include in Income-tax Return.
- Tax-deducted-at-source in Form 16 but missing in the Annual Information Statement: deductor may have filed late. Wait 30 days; if still missing, contact the employer.
- Pre-population error in the Taxpayer Information Summary: submit feedback 'Information is correct but already considered' if duplicate.
- Share sales captured as income but you bought back the same shares within days: flag as 'Information is correct'; the Income-tax Return will compute accurate Short-term / Long-term Capital Gains.
- Property sale captured at stamp duty value rather than actual consideration: separate issue; pursue Valuation Officer reference if stamp duty value exceeds fair market value.
- Cash deposit over INR 10 lakh flagged: provide source documentation in Income-tax Return notes; if bona fide, no concern.
Pre-Filing Reconciliation Workflow
Single Discipline -- Fewer Notices Download the Annual Information Statement and the Taxpayer Information Summary by 15 June (immediately after Form 16 issuance). Match Form 16 Part A against the Annual Information Statement tax-deducted-at-source. Match bank fixed deposit interest against the Annual Information Statement interest. Match dividend received against Annual Information Statement dividend. Match capital gains broker statement against Annual Information Statement share sales. Match advance tax challans against Annual Information Statement Part C. Submit feedback for any incorrect entry. Wait for Annual Information Statement update (approximately 30 days). File Income-tax Return using corrected data plus your books. |
This single discipline prevents 90% or more of post-filing notices and refund delays.
Key Takeaways
- Form 26AS continues for financial year 2024-25 / 2025-26 (assessment year 2025-26 / 2026-27).
- The Annual Information Statement / Taxpayer Information Summary is the comprehensive successor -- captures Specified Financial Transactions plus Goods and Services Tax plus demand history.
- A 'Form 168' designation under the 2025 Act is anticipated but pending Central Board of Direct Taxes Notification.
- Reconcile the Annual Information Statement / Taxpayer Information Summary BEFORE filing the Income-tax Return to avoid notices and refund delays.
- Submit feedback for mismatches via the Income Tax Portal -- auto-updates within 30 days.
- Pre-population from the Taxpayer Information Summary into the Income-tax Return -- verify each line item; do not trust blindly.
Disclaimer: This article is for general information only. It does not constitute tax / legal advice. Please consult a qualified Chartered Accountant or tax practitioner for advice specific to your circumstances. The legal position is current as of FA 2024 (No. 2) / FA 2025; subsequent amendments and CBDT notifications may modify the position.