TAN or Tax Deduction and Collection Number (TAN) is mandatory 10 digit alpha number required to be obtained by all individuals who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government. The person deducting the tax at source is required to deposit the tax deducted to the credit of Central Government - quoting the TAN number. However, a proprietorship business and other entities (i.e., Private Limited Company, LLP, etc.,) must deduct tax at source while making certain payment like salary, payments to contractor or sub-contractors, payment of rent exceeding Rs.1,80,000 per year, etc. On deducting tax at source, the entity registered for TAN will issue a TDS Certificate as proof of collection of tax.
TDS Return Filing is the collection of the tax of individual by the government of India when a transaction takes place. It is generally deposited to the government by submitting payment along with the tax. Filing the TDS returns also ensure that the details related to the depositing of tax deduction have been precisely mentioned. The individual making payment to someone else for specialized goods and services has to deduct TDS along with filing TDS return. These types of payments include interest, brokerage, salary and contract payments. During this process, the person who is deducting the TDS is known as deductor and the person whose tax is going to be deducted is known as deductee.
Reasons to Register a TAN Registration
TAN - Tax deduction Account Number
TAN is a 10-character alphanumeric code issued by the Income Tax Department for persons responsible for deducting or collecting tax at source. Almost all for-profit entities and not-for-profit entities are required to obtain TAN.
Tax Deducted at Source must be paid into authorized bank, quoting the TAN and using Challan 281. TDS during the preceding month must be paid before the 7th day of the following month.
Proprietorship Require TAN
Salaried individuals are not required to deduct tax at source. However, individuals running a proprietorship are required to obtain TAN and deduct tax at source when required.
TAN Facilitation Center
BusinessCrow is a authorized TAN facilitation center. Therefore, BusinessCrow can help you to obtain TAN hassle-free and quickly. Just send the TAN application along with the supporting documents and we will help you get your TAN quickly.
Once a TAN is issued, it will be valid for lifetime. However, TDS Filings must be made quarterly on the 15th day of July, October, January and May. Non-filing of TDS filings within the due date will attract a penalty.
Simple & Transparent Pricing
Rs. 499.00All Inclusive
How BusinessCrow can help with TAN Registration
BusinessCrow can help your business to obtain TAN Registration in 7-12 days, subject to Government processing time.
A BusinessCrow Tax Expert will prepare your TAN Application and obtain your signature in the format along with the necessary supporting documents.
Once the application is prepared, BusinessCrow will submit the TAN Application to the Tax Department.
Once the application and the attached supporting documents are verified, the Tax Department will allot a TAN Number for your business.
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