What is TDS & 26AS ?

What is TDS & 26AS ?

What is TDS ?

TDS stands for tax deducted at source. As per the income tax act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department.

What is 26AS ?

Form 26AS is an annual consolidated credit statement issued under section 203AA of the income tax act, 1961. It contains details of various taxes  deducted on your income by detectors: be it your employer, bank or even a tenant.