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Meaning, Application & Registration Process, Know your TAN in FY 2021-22 AY 2022-23
TAN or Tax Deduction and Collection Account Number is a 10 digit alphanumeric number required to be obtained by all the persons who are responsible for deducting or collecting tax at source. It is mandatory to quote TAN in all TDS or TCS return forms, challans and certificates. TAN is required for all the assesses required to deduct TDS and collect TCS (Tax Deducted at Source/ Tax collected at source ) on transactions. Also, we are going to cover the various terms which are used in the business.
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Section 203A of the Income Tax Act requires all the persons who deduct or collect tax at source to apply for the allotment of TAN. Non-furnishing of TAN at required places can lead to a penalty of Rs 10,000.
As per the Income Tax Act, the following persons shall be eligible for allotment of a TAN:
A. TAN number is very important for those deducting tax at source and it needs to be quoted both in TDS or TCS returns, challans, statements, etc.
If you don’t remember the TAN number already allotted, you can know it online by using a facility called ‘Know your TAN’. This facility is provided by the income tax department on its official website. To know the step by step procedure to apply for the TAN Click Here.
We have already understood the importance of having a TAN number. But when it come to TAN application the user normally gets confused about a lot of things such as
To assist you with all such queries and detailed instruction on online and offline TAN applications we have compiled a guide for you. Read More.. (please add link)
TAN registration is required by a deductor or collector of taxes, a taxpayer and PAO for viewing the status of challans, submitting online TDS returns, downloading important forms like, Form 16/16A/16B, to make requests and avail the other TDS administrative services online. The registration procedure for each of these categories i.e. deductor, taxpayer and PAO has been described in detail here. (please add link)
While running a business there are several terms which you need to come across being an integral part of the business framework. Here we take each one of it one by one.CIN - Corporate Identification Number
It is a 21 digit alphanumeric unique number allotted to companies registered in India. CIN is also known as
Company Identification Number is often substituted with CIN (Challan Identification Number).TIN - Taxpayer Identification Number
Taxpayer Identification Number or Tax Identification Number (TIN) is an 11 digit number. It is required to be taken by dealers registered under VAT. It is also termed as VAT or Sales Tax Number. TIN is issued by the Commercial Tax Department of the respective state.PAN - Permanent Account Number
It is a 10-digit alphanumeric number that is issued by the Income Tax Department. The application can be made in form 49A by the resident Indians. The fee charged is Rs 107/- presently for Indian Residents and Rs 989 for NRI.
Every entity that is deducting or collecting taxes i.e. TDS or TCS needs to have this 10 digits alphanumeric number issued by the income tax department. The application for obtaining the same can be made in Form 49B. The fee is Rs 55+taxes.
It is an indirect tax that has been majorly subsumed in GST. It is levied on the added on different stages of the supply chain. The credit of VAT paid on sales can be claimed as a credit against vat payable on purchases.
Goods and Services Tax (GST) is a destination-based consumption tax, that was introduced as a one nation one tax in July 2017. It has subsumed almost all major indirect taxes in India. The common GST rates prevalent are
Goods and Service Tax Network is a non-profit organisation. It is an IT platform that serves the needs of various stakeholders like government, taxpayer etc. tax authorities can track each and every record and financial transaction through this portal.
TDS or Tax Deducted at Source is a method of direct tax deduction. The person deducting taxes is known as deductor and the person whose tax is being deducted is known as deductee. It is called at the source deduction because the final income received in the hands of the earner is net of taxes and tax has already been adjusted from the same. As Per the income tax act TDS is deducted on salary income, interest, commission etc. The provisions of TDS are also applicable in the new indirect taxation regime of the GST.
Under the provisions of income tax India, the seller is responsible to collect tax from the buyer on certain specified commodities which is known as TCS. The provisions of GST extends both to income tax and GST in India.
It is used to sign the documents electronically. Now attaching DSC is mandatory for various government agencies and legal compliances. It gives the ease to submit the details real time with less cost and effort and helps in ensuring the integrity of the authentication.
Any person holding a post of director is required to obtain the DIN of Director Identification Number in India.As per the provisions of the companies ACt it is mandatory for directors of the company to hold such number and quote it while submitting all relevant documents. Nowadays, DINss are also referred to as Document Identification Number which is the unique number of any order or communications made by the income tax or GST department to the taxpayer.
The Income-tax department allots TAN to all the persons who are required to deduct tax at source(TDS) or who are required to collect tax at source(TCS).
A PAN can never be quoted in place of TAN under any circumstances as both serve different purposes.
The payment fees can be processed by the following modes:
Yes, presently an amount of Rs 65 is required to be paid for availing a TAN.
Go to Know Your TAN facility on the income income tax efiling website. In the TAN search column select name and the next column asking for the category of deductor select - company /firm /AOP /BOI /AJP /AOP (trust) and Branches and enter state, name of deductor- , mobile no., and click on “Continue” button.
No, it is not possible to search TAN by using PAN.
TAN is a unique identification number that is allotted to persons who are deducting or collecting tax at source. PAN is a unique number allotted to assessees like individuals, companies etc. for financial transactions, income tax returns etc.
Yes, it is mandatory to mention the TAN number on these documents otherwise the request will not be accepted and documents would return.
If your TAN is still in the old format then you can check for the new format online by entering old details or visiting the nearest TIN-FCs centre.
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