New Delhi, May 29 -- Form 26AS has long been the primary document used by taxpayers to verify TDS deductions, tax payments and refunds before filing their income tax returns. However under the new income tax rules, it is set to be replaced by a new consolidated tax statement called Form 168.

The new Form 168 is expected to provide a more detailed and comprehensive view of taxpayer's financial profile by including a wider range of tax-related information and specified financial transactions. The move is aimed at improving transparency, simplifying compliance and giving both taxpayers and the income tax department a broader view of income. taxes paid and high-value transactions.

Form 26AS is an annual tax credit statement in India that de...