Who will be issued PAN?

  • Domestic Company
  • Firm
  • Foreign Company
  • HUF
  • Individual
  • Non Residents
  • Trust
  • Association of Persons (AoP) / Body of Individuals (BoI)
  • LLP

Why PAN?

It is statutory Obligation that

  • All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN.
  • Any person carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed five lakh rupees in any previous year
  • Any person, who intends to enter into financial transaction where quoting PAN is mandatory, must also obtain PAN.

TAN

TAN Tax Deduction Account Number or Tax Collection Account Number is a 10-digit alphanumeric number issued by the Income-tax Department (we will refer to it as TAN).

Why is it necessary to have TAN?

The provisions of Section 203A of the Income Tax Act, 1961 require all persons who deduct or collect tax at source to apply for the allotment of TAN. The section also makes it mandatory to quote TAN in all TDS /TCS/Annual Information Returns, payment challans and certificates to be issued. Deductor cannot file TDS /TCS statements and deposit challans for TDS /TCS payments in banks without TAN. Failure to apply for TAN or not quoting the same in the specified documents attracts a penalty of ` 10,000/-.

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