Form 26AS is an annual statement generated from database maintained by the Income-tax Deptt. under Rule 31AB and made available to taxpayer latest by 31 July following the relevant financial year. Form 26AS depicts the details of tax credits, linked to a taxpayer/ PAN, by way of TDS, TCS, Advance Tax, Self-assessment Tax, etc., which a taxpayer can adjust against tax liability of the respective tax period.
Income Tax Rules 31AB (Annual statement of tax deducted or collected or paid) provides as under:
The Director General of Income-tax (Systems) or the person authorised by the Director General of Income-tax (Systems)] shall deliver,—
i) to every person from whose income the tax has been deducted; or
ii) to the buyer referred to in sub-section (1) or, as the case may be, to the licencee or lessee referred to in sub-section (1C) of section 206C from whom the amount has been collected; or
iii) to every person in respect of whose income the tax has been paid,
a statement referred to in section 203AA or the second proviso to sub-section (5) of section 206C, in Form No. 26AS by the 31st July, following the financial year during which taxes were deducted or collected or paid.
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