Annual statement of TDS/ TCS/ Taxes Paid (Form 26AS): Income Tax Rule 31AB

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.

Hi there,

We have recently started sharing updates using Telegram App. In case you are using the Telegram app, then please JOIN our Channel 'CA Club Updates', using the link below (from a device where you are already logged in to Telegram App):

https://t.me/caclubupdates

Leave a Reply