Tax Account Number in Uttarpradesh (TAN) is a unique ten-digit alphanumeric identification number issued by the Income Tax Department in India to individuals and entities that are required to deduct or collect tax on behalf of the government. TAN is mandatory for entities who are responsible for deducting or collecting taxes such as TDS (Tax Deducted at Source) and TCS (Tax Collected at Source).
A TAN card is a laminated card that contains the TAN number, the entity’s name, and other relevant information. The card is issued by the Income Tax Department and is considered a valid proof of TAN registration.
Entities can apply for a TAN by submitting the required forms and documents to the Income Tax Department. The forms and documents required for TAN registration include PAN card, ID proof of the entity, address proof of the entity, and other relevant information.
It is important to note that TAN is mandatory for entities who are responsible for deducting or collecting taxes and it is important to file TDS and TCS returns on time, otherwise there will be penalty for non-compliance.
Taxpayer Account Number (TAN) is a 10-digit alphanumeric unique identification number issued by the Indian Income Tax Department to entities that deduct or collect tax at the source. TAN is mandatory for entities such as companies, firms, and individuals who are required to deduct tax at the source from payments made to contractors, employees, and other vendors.
Here is some information about TAN:
Eligibility: Any entity that is required to deduct tax at the source is eligible to apply for a TAN.
Documents required: To apply for a TAN, entities need to provide proof of identity and address. The documents required are PAN card, Voter ID card, Passport, Driving license, Bank account statement, and other government-issued identity cards.
Legal Provisions: The Income Tax Department has prescribed various rules and regulations regarding the issuance, use, and verification of TAN. Entities that deduct tax at the source are required to quote the TAN on all TDS (Tax Deducted at Source) statements, challans, and other documents related to TDS.
Rules and Regulations: Entities that are issued a TAN are required to file TDS returns on a quarterly basis and comply with the rules and regulations prescribed by the Income Tax Department.
Benefits: TAN helps in identifying entities that deduct tax at the source and facilitates the tracking of TDS payments. TAN also helps in ensuring compliance with the Income Tax Act and helps in preventing tax evasion.
Significance: TAN is essential for entities that are required to deduct tax at the source in India. It serves as a unique identification number for the entity and helps in tracking TDS payments and compliance.
To apply for a TAN, entities can visit the NSDL (National Securities Depository Limited) or UTIITSL (UTI Infrastructure Technology and Services Limited) website and fill out the online application form. The TAN number is usually issued within 15-20 days of application.