A detailed statistical analysis of annual daily maximum rainfall for Ahmednagar tahsil was carried out using 33 years (1982–2012) daily rainfall data, collected from State Data Storage Centre, Hydrology Project (Surface Water) Jal Vidnyan Bhavan, Nashik. For forecasting the annual rainfall Log Pearson typeIII, Log-normal and Gumbel probability distribution functions were fitted. Calculated values were compared with tabular values at 5 percent level of significance. As the variation between actual rainfall values and predicted rainfall values is less in Log Pearson Type III distribution as compared to Log Nornmal and Gumbel distribution, the Log Pearson Type III distribution found the best suitable for probability analysis of annual daily maximum rainfall. Keyword: Gumbel probability distribution; Log Pearson Type III distribution; Rainfall; Hydrology.