26AS: Tax Statement Summary

26AS is a term used in the context of taxation in India. It refers to the Annual Statement that is generated for taxpayers by the Income Tax Department of India. The statement provides a consolidated view of the various taxes paid by the taxpayer during a particular financial year.

The 26AS statement includes details such as:

Tax Deducted at Source (TDS): It displays the TDS deducted by employers, banks, or any other deductor on behalf of the taxpayer.

Tax Collected at Source (TCS): It shows the TCS collected by sellers or operators while receiving payment from the taxpayer.

Advance Tax/Self-Assessment Tax: It reflects the payments made by the taxpayer as advance tax or self-assessment tax.

Refunds: If the taxpayer is eligible for a refund, it will be mentioned in the 26AS statement.

High-Value Transactions: It includes information about transactions such as property purchases, mutual fund investments, etc., which may have been reported to the Income Tax Department.

The 26AS statement is an essential document for taxpayers as it helps them cross-verify the tax payments made on their behalf and reconcile them with their own records. It ensures transparency and enables taxpayers to file accurate income tax returns.