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Tan Card
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Query Now
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What Do You Understand By TAN Card?
TAN indicates Tax Deduction and Collection Account Number. Every individual who is liable for collecting and deducting the tax needs to obtain TAN.
The Income Tax department is determined to issue the alphanumeric number u/s 203A of the Income Tax Act, 1961. It is necessary to provide the TAN number on all types of TDS returns.
What Is The Need Of TAN?
TIN(Taxpayer Identification Number) facilitation centers are the authorized body to conduct and accomplish TAN on the Income Tax Department of India. All persons need to obtain TAN because the TIN facilitation center will not allow Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) returns if you don’t have a TAN card. Moreover, authorized financial institutions and banks reject the Challans for TDS/TCS payments if you haven’t provided TAN details.
If you fall short of not providing 10- digital alphanumeric number (TAN) at the time of TDS/TCS returns, payment Challans and certification, you may have to bear a Rs 10,000 penalty.
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Who Must Apply For TAN?
Every entity or business body that collects and deducts tax at source on the Income-tax Department’s behalf must apply and carry out a 10-digit alphanumeric TAN.
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Who Must Apply For TAN?
Every entity or business body that collects and deducts tax at source on the Income-tax Department’s behalf must apply and carry out a 10-digit alphanumeric TAN.
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What Are The Different Kinds Of Tan Applications?
Generally, there are two kinds of TAN applications
- Application for allotment of new TAN
- Changing and correction form in TAN details on TAN
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How Can We Apply For TAN?
Contenders can request for new TAN by visiting any TIN Facilitation center of National Securities Depository Limited (NSDL) or Online.
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Mention the Difference Between a PAN card and a TAN card?
Most people have a curiosity to know the differences between TAN Card and PAN Card. Here are some significant differences:-
PAN refers to Permanent Account Number; on the other hand, TAN indicates Tax Deduction Account Number. A taxpayer businessman, who deducts tax at source and file ITR, needs to obtain TAN.
One cannot use PAN on behalf of TAN. The Tax deductor mandatorily holds TAN Car, even if he has PAN Card too.
All individuals liable for collecting and deducting tax must hold a TAN card, a 10 digit alphanumeric number. On the other contrary, there is no compulsion in PAN.
A person needs to provide TAN detail in every filing and paper associated with TDS and all the subsequent processes with the Income Tax office linking to TDS.
However, in TDS condition on the property, building, and real estate investment (according to section 194- IA), A deductor needs not to hold a TAN card and can provide the PAN details to dispatch the TDS.
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Know About The Difference Between TIN and TAN?
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Often people become confused between TAN and TIN, but we must understand the differences between the two. TAN and TIN’s only similarity is that they are both applicable for tax filing in every financial year. Scroll down to know the difference between TIN and TAN
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Income Tax Department of India issues TAN Card, while TIN is allotted by Commercial Tax Department of the applicant’s state.
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The objective of TAN is to reorganize and smooth the flow of tax deductions and collection at the source. The TIN aims to monitor VAT behaviors in India.
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Applicants need to use Form 49B for the TAN application, while for TIN; the form can be different based on a particular state.
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TAN contains a 10-Digit Alphanumeric number, but TIN comes with 11 digits numeric code in which the first two numbers indicate the applicant’s state.
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An entity or firm responsible for deducting and collecting on the Income-tax department behalf needs to hold a TAN card. Any business firm that is responsible for paying VAT (Value-Added Tax) needs to have a TIN.
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TAN is applied under section 203A of the Income Tax Act of 1961, while for TIN application; every state has its own Act to justify TIN allotment.
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If you failed to obtain a TAN card, you have to pay Rs 10,000 as a penalty even if you are liable to do so. In the case of TIN, the penalty and fine are the subject matter of a specific state.
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For TAN, you only need to provide only Form 49B with correct information to be filed as an essential document. For TIN, you need to provide PAN, ID proof of owner, address, proof of registered office, etc. (documents may differ based on state compliances).
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An entity can hold a maximum of one TIN and TAN. (That is a similarity)
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How CS Filing Online Pvt. Ltd. Helps In Applying For TAN Card?
Since CS Filing Online Pvt. Ltd. has been working in Income tax filing, company registration, GST filing, Tan card, PAN card, and many other CA services fields, you can trust us.
It is not a cakewalk procedure to apply for TAN because there are several formalities and documentation. It becomes challenging for a person to go through all this paperwork because they might not be aware of the system, and that is why we are here to handle things concretely.
The experience speaks loud when you bank on us. It is our daily work, and we are continuously stay connected with a government department, so we are the right person to assign the task.
As a responsible firm, we make sure clients get their solutions timely so that we can develop a long-lasting relationship with them.
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