Tax deduction Account Number
Need of Tax deduction Account Number?
Tax deduction Account Number Starting at Just Rs.199/- (Inclusive of all Govt. Fees).
TAN HIGHLIGHTS
TAN Registration Process
Application Preparation
Our Tax Expert will prepare your TAN Application and obtain your signature in the format along with the necessary supporting documents.
Application Processing
Once the application is prepared, we will submit the TAN Application to the Tax Department. Our company is a TAN Facilitiation Center.
TAN Allotment
Once the application and the attached supporting documents are verified, the Tax Department will allot a TAN Number for your business.
Success is focusing the full power of all you are on what you have a burning desire to achieve.
More than one TAN
In case the applicant has already been allotted a ten digit alphanumeric TAN, it should not apply again as having or using more than one TAN is illegal. However, different branches/divisions of a deductor/collector may apply for separate TAN for each branch/division.
TAN Correction
In case you already have TAN and wants any change in particulars (e.g. name, address etc.),
TAN Cancellation
In case duplicate TANs have been allotted to you (i.e., more than one TAN), then the TAN which you have been using regularly should be used from now also. The rest of the TANs should be surrendered for cancellation using “Form for Changes or Correction in TAN” which can be downloaded from the website of NSDL. Hence in the ending I would like to conclude that if you need a TAN for yourself it’s very easy and not to mention its cheap!
| Section | For Payment of | On Payments Exceeding | Individual/HUF | Others |
|---|---|---|---|---|
| 193 | Interest on Debentures | Rs. 5000/- | 10% | 10% |
| 194 | Deemed Dividend | No Minimum | 10% | 10% |
| 194 A | Interest other than on securities by banks | Rs. 10000/- | 10% | 10% |
| 194 A | Interest other than on securities by others | Rs. 5000/- | 10% | 10% |
| 194 B | Winnings from Lotteries / Puzzle / Game | Rs. 10000/- | 30% | 30% |
| 194 BB | Winnings from Horse Race | Rs. 5000/- | 30% | 30% |
| 194 C(1) | Payment to Contractors | Rs. 30000/- for single payment, Rs. 75000/- for aggregate payment during Financial Year | 1% | 2% |
| 194 C(2) | Payment to Sub-Contractors / for Advertisements | |||
| 194 D | Payment of Insurance Commission | Rs. 20000/- | 10% | 10% |
| 194 EE | Payment of NSS Deposits | Rs. 2500/- | 20% | NA |
| 194 F | Repurchase of units by Mutual Funds / UTI | Rs. 1000/- | 20% | 20% |
| 194 G | Commission on Sale of Lottery tickets | Rs. 1000/- | 10% | 10% |
| 194 H | Commission or Brokerage | Rs. 5000/- | 10% | 10% |
| 194 I | Rent of Land, Building or Furniture | Rs. 180000/- | 10% | 10% |
| Rent of Plant & Machinery | Rs. 180000/- | 2% | 2% | |
| 194 IA | Transfer of Immovable Property (w.e.f. 01.06.2013) | Rs. 50 Lacs/- | 1% | 1% |
| 194 J | Professional / technical services, royalty | Rs. 30000/- | 10% | 10% |
| 194 J(1) | Remuneration / commission to director of the company | - | 10% | 10% |
| 194 J(BA) | Any remuneration / fees / commission paid to a director of a company, other than those on which tax is deductible u/s 192. | - | 10% | 10% |
| 194 L | Compensation on acquisition of Capital Asset | Rs. 100000/- | 10% | 10% |
| 194 LA | Compensation on acquisition of certain immovable property | Rs. 200000/- | 10% | 10% |
FAQ
What is TAN?
TAN is Tax Deduction and Collection Number. TAN is used by the Income Tax Department to track all payments and filings of persons or entities required to deduct tax at source and pay it to the Government. TAN is a 10 digit alpha numeric number.
Why is TAN required?
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.
Who must obtain TAN?
Individuals who are salaried are not required to deduct tax at source. However, Individuals who run a proprietorship business are required to deduct tax at source if the previous year turnover exceeds Rs. 2 Crores. All other entities like LLP, Private Limited Company, Limited Company, Trust, Society, etc., are required to obtain TAN and deduct tax at source. Not obtaining TAN when applicable, attracts a penalty of Rs.10,000.
What documents are required for obtaining TAN?
To obtain TAN, application must be made in Form 49B at any of the authorized TAN Facilitation Center. Our company is an authorized TAN Facilitation Center.
Can I use a PAN instead of TAN?
No, PAN cannot be quoted where TAN is required. PAN and TAN serve two different purposes. Therefore, it is mandatory for those deducting tax at source to obtain a TAN.
At what rate should tax be deducted at source?
Tax deduction at source happens at different rate based on the transaction. TDS for salary is determined based on the employees' salary and tax payable by the employee. TDS rate of 10% is adopted for rent of land, building or furniture if the annual rent exceeds Rs.1,80,000/-. For a complete list of TDS, click here.
How long does it take to obtain a TAN?
TAN Registration can be obtained in 8-10 working days from date of application along with the required documents.
Can an entity have two or more TAN?
Any entity cannot have two or more TAN. It is illegal for an entity to possess more than one TAN.
When and where should the tax deducted at source be deposited?
Tax Deducted at Source (TDS) must be deposited through banks using Challan 281 quoting the TAN number of the entity. The deadline for payment of TDS is the 7th day of each month.
When should I file TDS Returns?
TDS Return should be filed quarterly on the 15th day of July, October, January and May. The TDS return filed on these months will correspond to the transaction of the preceding three months. Delay in furnishing eTDS statement will result in a mandatory penalty of Rs.200 per day, with the total fees not exceeding the total amount of TDS made for the quarter.
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