What is that this? all you might want to learn about it

Tax Deduction and Assortment Account Quantity (TAN): What’s it? all you might want to learn about it

Tax Deduction Account Quantity or Tax Assortment Account Quantity is a 10-digit alpha-numeric quantity issued by the Revenue Tax Division. It’s to be acquired by all individuals who’re answerable for deducting tax at supply (TDS) or who’re required to gather tax at supply (TCS).

why is it vital to be tan,

As per part 203A of the Revenue Tax Act, 1961, each particular person deducting or accumulating tax at supply has to use for allotment of TAN. Part 203A makes it obligatory to cite TAN in TDS/TCS return (together with any e-TDS/TCS return), any TDS/TCS fee challan, TDS/TCS certificates and in such different paperwork as could also be prescribed. Failure to use for TAN or to not point out TAN in specified paperwork attracts a fantastic of Rs 10,000.

Discovering New and Previous Tan

Part 203A of the Revenue Tax Act, 1961 makes it obligatory to cite TAN on all TDS statements. TIN Facilitation Heart will assist the deductors in finding their right TAN from the database. TAN will also be verified from the data supplied on the web site of Revenue Tax Division www.incometaxindia.gov.in. The deductor can know his TAN by utilizing the “Know Your TAN” facility at www.incometaxindia.gov.in or https://www.incometax.gov.in/iec/foportal.

To assist deductors discover their new TAN, the IT division has launched a search facility on the official web site (www.incometaxindia.gov.in).

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Easy methods to apply for TAN?

There are two modes of making use of for TAN: (1) on-line mode and (ii) offline mode, they’re as follows:

Offline—An software for allotment of TAN is to be filed in Kind 49B in duplicate and submitted at any TIN Facilitation Heart (TIN-FC). The addresses of TIN-FC can be found on NSDL-TIN web site (https://www.tin-nsdl.com).

Within the case of an applicant, being an organization which isn’t registered beneath the Firms Act, 2013, software for allotment of Tax Deduction Account Quantity could also be made in Kind No. SPICe (INC-32) specified beneath sub-section (1). ) beneath part 7 of the mentioned Act for incorporation of the corporate.

On-line – On-line software for TAN might be finished from NSDL-TIN web site.

The addresses of TIN FCs can be found at www.incometaxindia.gov.in or https://www.tin-nsdl.com.

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