Form 26AS Meaning

Form 26AS is an annual consolidated tax statement that contains details of the income tax paid by a taxpayer and the TDS (Tax Deducted at Source) that has been deducted from the taxpayer's income. It is also known as the Annual Information Statement (AIS).

The form is prepared by the Income Tax Department and contains details such as:

• Details of tax deducted by the employer and other parties
• Advance tax paid by the taxpayer
• Self-assessment tax paid
• Refund received during the financial year
• Details of high-value transactions like property purchase, shares, mutual funds, etc.

Form 26AS is an important document that helps a taxpayer to verify the tax deducted and paid, and to file their Income Tax Return (ITR). It is available online through the taxpayer's e-filing account and can be accessed using the PAN (Permanent Account Number) and registered email ID.

What is Form 26AS?

Form 26AS is a consolidated tax document released by the Income Tax Department of India. It acts as an annual summary of tax credits, detailing all taxes paid by or on behalf of an individual taxpayer. The form includes specifics about Tax Deducted at Source (TDS) from salary, interest, and other income, along with Tax Collected at Source (TCS) and advance tax payments. It also highlights any refunds provided by the tax department.

As a vital tool for taxpayers, Form 26AS helps individuals verify the taxes deducted by different sources, like employers and banks, ensuring consistency with the amounts reported in their income tax returns. This form is available through the Income Tax e-filing portal and fosters transparency and accuracy in tax submissions, making it easier for taxpayers to confirm their tax credits and minimize discrepancies when filing their returns.