Form 26AS is a consolidated tax statement issued by the Income Tax Department of India. It serves as a comprehensive record of tax deducted at source (TDS), tax collected at source (TCS), advance tax, self-assessment tax payments made, and refunds during a financial year. It is an important document for taxpayers as it helps in verifying the taxes paid against the tax liability.
You can access Form 26AS through the Income Tax Department's website or through the TRACES portal (TDS Reconciliation Analysis and Correction Enabling System). To view Form 26AS, taxpayers need to log in to the e-Filing website of the Income Tax Department using their PAN (Permanent Account Number) and password.
Form 26AS helps taxpayers verify if the taxes deducted by employers, banks, or other deductors have been correctly deposited with the government. It also aids in filing accurate income tax returns by providing a consolidated view of tax-related information.
To summarise, your Form 26AS contains the following information:
TDS Details
Advance tax paid by you (as a taxpayer)
Regular Assessment Tax deposited by you
Self-assessment tax payments
Refund received by you in a given financial year
Details of any High-value Transactions (such as those related to shares and mutual fund)