What is a TAN?
TAN or Tax Deduction and Collection Account Number is a 10 Digits alphanumeric number given to a person responsible for deducting or collecting tax at source under the provisions of the Income Tax Act.
Every assessee who is required to deduct the tax at source is required to apply for TAN and shall quote this number while making the payment of the tax deducted/collected at source and also while filing the TDS return.
Every communication with respect to the TDS/TCS will be done through this TAN number with the Income Tax Department.
Consequences of not complying with the provisions of the Income Tax Act with respect to TAN
Section 203A of the Income Tax Act specifies the penalty in case the assessee failes to comply with the above mentioned provisions, he will be liable for a penalty of Rs. 10,000/-
How to make a tan application?
The Income Tax Department has specified Form 49B for application of TAN which can be filed online as well as offline along with prescribed fee.
What are the documents which need to be attached to the Form 49B
Form 49B is a PAN based form and every assessee making an application for allotment of TAN must have PAN and the form shall be filed correctly according to the PAN of the assessee and all the details of the PAN will be co-linked with the TAN and hence no additional documents are required to be attached with the application in the form 49B
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