WHAT IS TAN?
TAN stands for “Tax Deduction and Collection Account Number”. It is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting tax at source or collecting tax at source. It is compulsory to quote TAN in TDS/TCS return, any TDS/TCS payment challan, TDS/TCS certificates, Annual Information Return and other documents as may be prescribed.
Benefits:-
- Necessary for those who are required to deduct tax at source.
- Necessary for tax returns.
FAQ
A proprietorship business and other entities (i.e., Private Limited Company, LLP, etc.,) are required to deduct tax at source while making certain payment like salary, payments to contractor or sub-contractors, payment of rent etc. Individuals who are salaried are not required to obtain TAN or deduct tax at source.
Yes, every person liable to deduct tax at source or collect tax at source is required to obtain TAN.
Yes, failure to apply for TAN or not quoting the same in the specified documents attracts a penalty of Rs.10,000/-
No.
Yes. In such a case, the name and location of branch or the designation of the person responsible for deducting/collecting tax, whichever is applicable, should be clearly given in the application for allotment of TAN.
TAN is allotted by the Income Tax Department.
7. want to avail this service, what should I do?
Don’t worry, just fill the above mentioned details & contact the professionals of Aapkaconsultant.com and we will guide you with the complete process.
TO Apply For TAN Registration, Click here
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