It serves as documentation of tax paid in your ITR and confirms that proper tax has been deducted by various entities and put in the government’s account. It also verifies that the institution has appropriately delivered the information of tax deposited on your behalf.
This document serves as verification that tax has indeed been deducted and received on your behalf. It is a crucial document which can be used for a variety of purposes, including the ones listed below. This form is issued under Section 203AA of the Tax Act, 1961, and Rule 31AB of the Internal Revenue Code. When you file your Income, Tax Returns (ITRs) for the appropriate fiscal year, you can claim the tax deductions listed on this form. Information on real estate transactions, bank withdrawals and deposits, as well as mutual fund transactions, are all included in this form.
Your Temporary Account Number is the key to all of this information (PAN). An annual tax statement known as the Tax Credit Statement (Form 26AS) merges details regarding tax deducted at source (TDS), self-assessed taxes, and tax collected at the source into one statement (TCS).
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