TAN Application
WHAT IS TAN APPLICATION?
- A Tax Deduction Account Number, often abbreviated as TAN, is a 10-digit identification number. It's a special code made up of both letters and numbers.
- The Income Tax Department assigns this unique code to various entities. It's particularly important for those who have the responsibility of collecting tax at source (TCS) or deducting tax at source (TDS).
- Essentially, if your business or organisation deals with TDS or TCS, you need to obtain a TAN from the Income Tax Department. This number helps in tracking and managing tax deductions and collections.
What is a TAN and why do I need it?
A TAN is a 10-digit alphanumeric code issued by the Income Tax Department of India. It is required for individuals and entities who are responsible for deducting or collecting tax at source. It helps the government track tax payments.
Why do I need a TAN, and what is its significance in India?
A TAN is essential for tax compliance in India. It is a 10-digit alphanumeric code issued by the Income Tax Department and is required for various financial transactions, such as deducting and remitting TDS (Tax Deducted at Source). Without a TAN, you may face legal and financial consequences.
How do I apply for a TAN?
You can apply for a TAN by filling out Form 49B online or through authorised TAN facilitation centres. Your tax consultant can assist you in completing the application correctly.
What documents do I need to submit with my TAN application?
Generally, you'll need proof of identity and proof of address. Your consultant will guide you on the specific documents required based on your entity type.
How long does it take to receive the TAN after applying?
The processing time can vary, but it typically takes about 15-20 days for the Income Tax Department to issue a TAN. Your consultant can track the application status for you.
Are there any specific guidelines or regulations I should be aware of as a TAN holder?
Yes, TAN holders have responsibilities, including deducting TDS as per prescribed rates, depositing it with the government, filing TDS returns, and issuing TDS certificates to deductees. Your consultant will explain these obligations in detail.
Can I check the status of my TAN application online, and how?
Yes, you can check your TAN application status on the official website of the Income Tax Department. Your consultant can assist you in accessing and using the online portal.
Is it possible to amend TAN details if there are errors or changes in my business?
Yes, you can request corrections or changes to your TAN details by filing the necessary form. Your consultant can guide you through the process of updating TAN information.
Are there any penalties or consequences for non-compliance with TAN regulations?
Non-compliance with TAN regulations can result in penalties and legal repercussions, including disallowance of expenses, interest, and penalties for late or non-deduction of TDS. It's crucial to adhere to tax laws and regulations.
How can I surrender or cancel my TAN if it's no longer required?
You can surrender your TAN by filling out Form 49B, indicating the reason for surrender. Your consultant can assist you in this process as well.
Documents Required
- Passport size Photograph
- Aadhar Card and Proof of Address
- Form 49 B
- Self attested copy Passport (It must be Notarized or Apostilled in the Resident country)
- Self attested copy of Latest Bank Statement/Telephone/Electricity Bill (It must be Notarized or Apostilled in the Resident country)
- Scanned passport-sized photograph