PAN is mandatory for almost all financial transactions and also for opening a bank account. It is also required by an individual so as to receive a taxable salary or professional fees. High-value transactions cannot be carried out without a PAN Card. PAN is governed as per section 139 A of the Income Tax Act, 1961 under the supervision of a Central Board of Direct Taxes (CBDT).
TAN stands for Tax Deduction and Collection Account Number. It is governed under section 203A of the Income Tax Act, 1961 under the supervision of the Central Board of Direct Taxes (CBDT). TAN is required by the businesses who deduct TDS from the vendor invoices or salaries.
- Registration Certificate (Certificate of Incorporation, Partnership Deed, etc)
- Byelaws of the business (Memorandum & Articles of Association etc)
- In case of Individual (Self Attested Copy of ID and Address Proof)
- Electricity and water bill that is not more than 2 months old.
Login to the Income Tax Portal and fill Form-49A or Form-49B.
Fill in the respective details and submit the form.
After successfully filling in the required details online, the signature of authorised signatory is required on the acknowledgement copy.
Post the signed form at the Income Tax Department.
PAN or TAN id issued by the department after verifying the documents. The procedure generally takes approximately 10-15 days.
A person whose annual income is more than the minimum threshold limit prescribed by Income Tax (current INR 2.5 Lacs per annum) should certainly apply for a PAN number. A company or business should apply for PAN at the time of incorporation itself.
TAN Number is required to deposit the deducted TDS.
Yes, PAN number is always allotted for a lifetime. Further, if an individual or Business is having multiple PAN numbers inadvertently, they must have to surrender the other PAN numbers immediately.
Yes, TDS can be deducted without a TAN Number but you will not be able to deposit the same to the department without a TAN number.
The business needs to file its Income Tax Return using the PAN number in case its income is above the threshold limit being provided by the Income Tax Act.
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