Consolidated Statement

Tax Glossary Definition

Consolidated Statement

A consolidated statement is a combined report of all TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) transactions submitted by deductors or collectors to the Income Tax Department. It provides a comprehensive view of tax deducted or collected, deposited, and reported, helping both taxpayers and authorities in reconciliation and verification.

Example: Form 26Q, filed quarterly by employers or deductors, is a consolidated statement of all TDS transactions payments.

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