What it means
When your customers deduct TDS from what they pay you, the tax reaches your PAN only through their TDS returns. Form 26AS is where you see it, along with advance tax and self-assessment tax you paid. The Income-tax Rules, 2026, in force from 1 Apr 2026, number this annual information statement Form 168; earlier years keep the 26AS name.
Example
Kaveri Agencies’ books show ₹46,000 TDS receivable for 2026-27 from five customers. Its statement shows ₹41,000.
| Customer | Books | Statement | Action |
|---|---|---|---|
| Annai Traders | ₹12,000 | ₹12,000 | none |
| Vasavi Paints | ₹5,000 | nil | ask them to file or correct their TDS return |
| Three others | ₹29,000 | ₹29,000 | none |
Unless Vasavi Paints corrects its return, Kaveri cannot claim that ₹5,000.
Common mistakes
- Claiming TDS from your books rather than from the statement.
- Waiting until the tax return to look, when customers have stopped answering.
- Customers quoting the wrong PAN, so the credit goes to someone else.
In MyRecords
You download the statement as a text file from TRACES and upload it on the TDS tab; MyRecords compares it with TDS receivable deductor by deductor and shows the gaps to follow up. Nothing in the file is saved, and it does not fetch the statement from the portal itself.