TaxFinancial Glossary
Form 26AS
Definition
An annual tax statement that consolidates all taxes deducted (TDS) and collected (TCS) against your PAN during a financial year. It also shows advance tax payments, self-assessment tax payments, and high-value transactions reported by third parties. Available on the Income Tax portal and through TRACES.
Why It Matters
Form 26AS is the government's record of all taxes paid on your behalf. Before filing your ITR, cross-check every TDS entry in Form 26AS with your actual income. Discrepancies — such as a bank deducting TDS on an FD you closed early — can lead to excess tax or mismatch notices. Use it alongside AIS for complete reconciliation.