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PAN is a 10-digit alphanumeric identification code issued to individuals and entities by the Indian Income Tax Department that is required for filing taxes, tracking financial transactions, and remitting taxes.
TAN is a similar 10-digit tax identification number used by entities that are responsible for tax deduction at source, like employers and businesses, to remit the taxes deducted on payments made.
Having PAN and TAN is mandatory for entities and individuals for maintaining tax compliance, filing returns, and paying due taxes in India.
PAN and TAN are important tax registrations mandated by the Indian Income Tax Department for individuals and businesses to fulfill tax compliance.
Permanent Account Number (PAN) is a 10-digit alphanumeric identity allotted to taxpayers like individuals, companies, and other entities to track financial transactions, file tax returns, and ensure taxes are paid.
Tax Deduction and Collection Account Number (TAN) is a 10-digit code provided to employers, businesses and entities that deduct tax at source or collect tax on certain transactions. Having a PAN and TAN is critical for financial dealings, paying taxes on time, maintaining tax records properly and avoiding penal action.
The application procedure for PAN and TAN has been eased by the Tax Department for hassle-free registrations through online portals with minimum documentation requirements. Obtaining a PAN and TAN has become essential for anyone looking to be part of India’s tax system and governance.
Here are some important terminologies related to PAN and TAN registration in India:
A 10-digit alphanumeric identification allotted to taxpayers like individuals, companies, etc. for tax purposes.
A 10-digit code provided to entities deducting tax at source or collecting tax.
Government agency responsible for administration of income tax, including issuing PAN and TAN.
Physical ID card issued with PAN details printed for identification.
Document with TAN details provided on registration.
Unique 12-digit biometric ID that can be linked with PAN for online applications.
Verification process mandated by the government before allotment of PAN or TAN.
Facilitation centers to assist and expedite PAN applications.
National Securities Depository Ltd’s database of identity information including PAN and TAN data.
Online platform provided by the tax department for electronic filing of PAN and TAN applications.
Knowing terminology like this helps understand processes, requirements and available facilities better for smooth PAN/TAN registration.
Here are the key entities who can apply for PAN and TAN registration in India:
Any of the above entities earning taxable income or responsible for tax deduction at payments need to obtain PAN or TAN to file taxes and comply with related tax laws/rules of the Indian Income Tax Act, 1961. PAN is crucial for taxpayers and TAN for deductor entities for tax administration.
Here are the key documents required for PAN and TAN registration in India:
Minor applicants need supporting documents from guardians. The income tax department verifies applicant details through KYC checks before issuing PAN/TAN. Updated address proofs are necessary.
**Still Have any questions??**
Contact usHere are the government fees for PAN and TAN registration in India:
Permanent Account Number (PAN):
Tax Deduction and Collection Account Number (TAN):
INR 50 (Offline payment mode)
Additional Charges:
The applications can be made online or offline at authorized PAN Service centers. Payment can be done via net banking, debit card, credit card, cash and demand draft. Entities and individuals looking to register for PAN and TAN must pay these nominal charges to the Income Tax Department.
Here is an overview of the PAN and TAN registration process in India:
Permanent Account Number (PAN) Registration Process:
Tax Deduction Account Number (TAN) Registration Process:
The Income Tax Department websites offer real-time tracking and status updates. Applicants can also visit nearby TIN-Facilitation Centers for assistance. Overall, the process is fairly simple, convenient and expedited using the online platforms.
Book a callHere are the main advantages of PAN and TAN registration in India:
Advantages of PAN:
Advantages of TAN:
In summary, PAN and TAN make tax compliance easier, avoid penalties, enable smooth financial transactions and reinforce credibility for individuals and businesses respectively. They have become mandatory requirements for tax management in India.
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