TAN or Tax Deduction and Collection Account Number isa 10 digit alpha-numeric code allotted by the Income Tax Department,required to be obtained by all persons who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government.It is mandatory to quote TAN on all TDS returns or any TDS imbursement challan. On deducting tax at source, the entity registered for TAN will issue a TDS Certificate as proof of collection of tax.
Every person who deducts or collects tax at source has to apply for the allotment of TAN. To obtain TAN, application must be made for allotment of TAN in Form 49B along with the required supporting documents. Based on the application, the TAN will be allotted to the entity and the entity must quote the TAN in all TDS/TCS returns, TDS/TCS payment challans and all TDS/TCS Certificates. Failure to apply for TAN or not quoting the TAN in the specified documents attracts a penalty of Rs. 10,000. Legaltree can help you obtain your TAN registration quickly and hassle-fee.
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