Say Goodbye to Form 26AS and 12BB: Welcome Form 168 & 124

Say Goodbye to Form 26AS and 12BB: Welcome Form 168 & 124#

The New Income Tax Act (ITA) 2025 isn't just about tweaking tax slabs or updating deduction sections—it represents a complete structural overhaul of the Indian tax system. For the average salaried employee and HR professional, the most visible part of this overhaul is the complete renumbering of familiar tax forms.

We've already discussed how the iconic Form 16 has been rebranded as Form 130. However, two other critical forms are also undergoing a massive identity change: Form 26AS and Form 12BB.

Here is what you need to know about the transition to Form 168 and Form 124.

The Evolution of the Tax Credit Statement: Form 26AS becomes Form 168#

For years, Form 26AS has been the holy grail for taxpayers. Also known as the Annual Tax Statement, it was the consolidated document that showed all the taxes deducted on your behalf (TDS), taxes collected (TCS), advance tax paid, and high-value transactions. Before filing an ITR, matching your data with Form 26AS was step one.

Under ITA 2025, Form 26AS is retired. Welcome to its successor: Form 168.

What to expect in Form 168?#

Functionally, Form 168 will serve the exact same purpose as the old Form 26AS, but with deeper integration into the AIS (Annual Information Statement) ecosystem.

• Comprehensive Tracking: It will reflect all TDS deducted by your employer (Form 130), banks, and property buyers.
• Pre-filling Power: Form 168 will be the primary data source that automatically pre-fills your Income Tax Return under the new regime.
• Reconciliation: As an individual, you must download Form 168 from the new tax portal to reconcile your tax credits before filing your return.

The Investment Declaration Shift: Form 12BB becomes Form 124#

Every financial year (usually in January or February), HR departments across India chase employees to submit their Form 12BB. This was the official declaration of tax-saving investments (like LIC, PPF, mutual funds) and expenses (like rent for HRA, home loan interest). Employers used Form 12BB to calculate the final TDS on salary for the year.

With the dawn of ITA 2025, Form 12BB is replaced by Form 124.

How does Form 124 impact you?#

• For Employees: When your HR asks for your "investment declarations" for the year, you will now fill out and submit Form 124. The data required—rent receipts, home loan certificates, and 80C (now Section 123) proofs—remains largely the same, but the document header changes.
• For Employers/HR: Payroll software and HRMS portals must be updated to generate and accept Form 124 instead of 12BB to ensure compliance with the new Act.

Summary of the Great Renumbering#

To help you adjust to the new terminology, keep this quick cheat sheet handy:

Change can be confusing, especially when dealing with taxes. However, understanding these new form numbers early on will ensure a smooth, penalty-free transition into the ITA 2025 era.