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.
In case you already have TAN and wants any change in particulars (e.g. name, address etc.),
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!
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.
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.
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.
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.
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.
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.
TAN Registration can be obtained in 8-10 working days from date of application along with the required documents.
Any entity cannot have two or more TAN. It is illegal for an entity to possess more than one TAN.
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.
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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