Form 26AS is a consolidated tax credit statement. It can be used to claim tax credit while preparing your ITR.
Usually, taxpayers earn income from different sources like interest, commission, house property, etc during the financial year. TDS is deducted on such incomes. A taxpayer can use Form 26 AS to report all such incomes and avoid the chances of getting a tax notice.
It provides the following details to a taxpayer:
- TDS deducted on income
- TCS collected from payments
- Advance tax, Self Assessment tax paid and Regular assessment taxes paid by the taxpayer
- Refund received during the year
- High-value transactions during the financial year (eg: Shares, Gold, Property, etc.)
These transactions are displayed under different components ranging from Part A to Part E of Form 26AS.
In case you do not have Form 16, you use Form 26AS to check TDS deducted and deposited by your employer.