TAN or Tax Deduction and Collection Account Number is a 10-digit alpha-numeric number required to be obtained by all persons who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government.
Tax deducted at source (TDS) ensures that the Government’s collection of tax is proponed and the responsibility for paying tax is diversified. The person deducting the tax at source is required to deposit the tax deducted to the credit of Central Government -quoting the TAN number. Individuals who are salaried are not required to obtain TAN or deduct tax at source. However, a proprietorship business and other entities (i.e., Private Limited Company, LLP, etc.,) must deduct tax at source while making certain payment. On deducting tax at source, the entity registered for TAN will issue a TDS Certificate as proof of collection of tax.
To obtain TAN, application must be made for allotment of TAN in Form 49B along with the required supporting documents. Based on the application, the TAN will be allotted to the entity and the entity must quote the TAN in all TDS/TCS returns, TDS/TCS payment challans and all TDS/TCS Certificates. Allindiataxfiling.com can help you obtain your TAN registration quickly and hassle-fee.
TAN or Tax Deduction and Collection Account Number is a 10 digit alpha- numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in all TDS/TCS returns (including e-TDS/TCS return), TDS/TCS payment challans and TDS/TCS certificates.
No. PAN should never be quoted in the field where TAN is required to be quoted. The purposes for which PAN and TAN are allotted are different. TAN is a unique identification number, which is allotted to persons who are deducting or collecting tax at source on behalf of the Income Tax Department. PAN is a unique number allotted to assesses like individuals, companies etc.
It is mandatory for business entities and other type of entities to deduct tax at the source, i.e., while paying rent, salary, etc., and pay the same to the Government. To track these payments, TDS Certificates and TDS Filings, the Government mandates TAN registration for all entities required to deduct tax at source. TDS ensures the responsibility for payment of tax is diversified and the Government receives tax sooner.
No. TAN, which was allotted for Tax Deduction at Source (TDS), can be used for the purpose of TCS.
All those persons who are required to deduct/collect tax at source on behalf of Income Tax Department are required to apply for and obtain TAN.
No, entity cannot have two or more TAN. It is prohibited for an entity to possess more than one TAN.
TAN Registration can be obtained in 8-10 working days from date of application along with the required documents.
No. TAN once allotted can be used for all type of deductions/collections.
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