Information Available on Form 26AS

The following information is available on Form 26AS:

1. Tax Deducted at Source (TDS): It shows details of tax deducted by deductors such as employers, banks, or any other deducted on behalf of the taxpayer. This includes TDS on salary, interest, rent, etc.

2. Tax Collected at Source (TCS): It provides information about tax collected by sellers while receiving payment for specific goods like luxury cars, scrap, etc.

3. Advance Tax/Self-Assessment Tax: This section displays the details of tax payments made by the taxpayer in advance or as self-assessment tax before the filing of the income tax return.

4. Refunds: Information about tax refunds issued by the Income Tax Department to the taxpayer.

5. High-Value Transactions: Form 26AS includes details of significant financial transactions such as property purchases, mutual fund investments, credit card payments, etc., reported under the Annual Information Return (AIR) provisions.

6. AIR Transactions: Information on specified financial transactions reported by various institutions under the Annual Information Return (AIR) provisions.

7. Annual Information Return (AIR): This section provides information on transactions such as cash deposits, purchase of shares, mutual funds, etc., reported by specified entities under the AIR provisions.

8. Tax Demand: If there are any outstanding tax dues or demands against the taxpayer by the Income Tax Department, it will be reflected in this section.

Form 26AS acts as a comprehensive summary of all tax-related activities and transactions of a taxpayer. It helps taxpayers in verifying the information reported by deductors and facilitates the accurate filing of income tax returns. It also assists the Income Tax Department in cross-verification and assessment of taxpayers’ tax liabilities.

Form 26AS is a consolidated tax statement by the Income Tax Department of India that provides taxpayers with a consolidated view of their tax-related information. It serves as a comprehensive tax statement that includes details of tax credits, tax deductions, and other income sources. Form 26AS plays a vital role in facilitating tax compliance and accurate reporting of income while filing tax returns. It allows taxpayers to verify the correctness of TDS and TCS entries, track tax refunds, and monitor their tax liabilities. By providing easy access to consolidated tax information, Form 26AS helps taxpayers in managing their tax obligations effectively and maintain transparency with the tax authorities.