WHAT IS TAN AND HOW TO OBTAIN TAN ?

WHAT IS TAN ?

TAN stands for Tax Deduction and Collection Account Number in India. It is a 10-digit alphanumeric code that is issued by the Income Tax Department of India to individuals or entities that are required to deduct or collect tax on payments made to others.

The employers who is required to deduct tax at source (TDS) on salary payments and for individuals or entities who collect tax at source (TCS) on certain specified transactions is mandatory to take TAN. TAN must be quoted in all TDS/TCS returns, challans, and other relevant documents.

In summary, TAN is an important document to deduct TDS and collect TCS in India.


HOW TO OBTAIN TAN ?

To apply TAN in India, you need to follow these steps:

Need to visit the NSDL (National Securities Depository Limited) website or the UTIITSL (UTI Infrastructure Technology and Services Limited) website.

Look for the TAN application form that is the Form 49B.

Now you need to fill the application form with accurate information such as name, address, PAN (Permanent Account Number), and contact details.

After proper filing the form you need to submit the application form along with the required documents and processing fee. The required documents are proof of identity, proof of address, and PAN.

On submitting the application, you will receive an acknowledgment slip containing a 14-digit unique acknowledgement number. This number will be used for future reference therefore keep it safe.

Once your application is processed and approved, you will receive your TAN via email or post.

TAN application process you may apply it online or you may submit physical form at the authorized centre of NSDL or UTIITSL. The Form is 49B that is fixed either online or physically submit.

CA KHALID REHMAN

(M Com, Chartered Accountant)

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