TAN Registration
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TAN Registration
He individual deducting the tax at source is required to store the tax deducted to the credit of Central Government – citing the TAN number. People who are salaried are not required to get TAN or deduct tax at source.
Be that as it may, a proprietorship business and different substances (i.e., Private Limited Company, LLP , and so forth.,) must deduct tax at source while influencing certain payment to like salary, payment to contractor or sub-contractors, payment of lease surpassing Rs.1,80,000 every year, and so forth.
On deducting tax at source, the element enlisted for TAN will issue a TDS Certificate as confirmation of collection of tax.
To acquire TAN, application must be made for portion of TAN in Form 49B alongside the required supporting reports. In light of the application, the TAN will be assigned to the substance and the element must cite the TAN in all TDS/TCS returns, TDS/TCS payment challans and all TDS/TCS Certificates.
What is TAN Registration Number or TDS Registration ?
Tax Deduction and Collection Account Number (TAN) is a 10-digit alphanumeric number. The number is required to be quoted on all TDS returns under Section 203A of the Income Tax Act, 1961. The TAN number is needed to be obtained by all those persons who are responsible for deducting and collecting taxes.
Tan’s surface is with the end goal that its number is dictated by ANBA99999B. In which the initial four numbers are given as letters and five digits after that and the last number is additionally a letter. Clarifies a specific character of each number written in Tan. From where the tan is discharged, the name of the initial three letters shows the name of the city or state and the fourth letter demonstrates the primary letter of your name.
Utilization of TAN Number:
1. TAN is utilized for deductions like salary, intrigue, profit, and so on.
2. It can be utilized for returns, challans and certificates
3. It auto-catches finish address of the individual who deducts tax in the interest of the IT office. It additionally catches the Postal Index Number recorded with Income Tax Department.
4. On the off chance that a man has more than one TAN, it is unlawful. Be that as it may, diverse branches or divisions of a collector can apply for separate TAN for each branch or division.
Reason to Register a TAN Number
As said above, TAN is required for citing it while documenting TDS/TCS/Annual Information Returns, installment challans, and certificates. On the off chance that the 10-digit alphanumeric number isn’t cited, the profits documented are not acknowledged by the TIN facilitation focuses in the nation while banks don’t acknowledge the challans for TDS/TCS installments. It should be specified that if a person who is required to have TAN does not have any significant bearing for it, he/she attracts a punishment of Rs.10, 000.
Any individual who deducts/gathers tax at source – that is, any individual who is a business who pays pay rates and facilitates TDS – needs a TAN (Tax deduction and collection Account Number). In the event that you don’t have a TAN, you can’t deduct taxes from pay rates and commissions to someone else. In the event that you are an association or state government authority, a nearby authority, an organization, a branch or auxiliary of an organization, a statutory or self-governing association, a trust, a sole proprietor, a Hindu Undivided Family, or an association of people, you need to get a TAN to make lawful salary exchanges.
Documents Required for TAN Application
While presenting your application for apportioning of TAN, you require not present any Documents. In any case, in the event that you are presenting the application on the web, you have to sign the affirmation and forward it to NSDL address that will be given to you.
What is the Penalty Under Not Obtaining the TDS Registration
Fifteenth of each July, October, January, and May are the due dates for documenting quarterly TDS return. Any postponement in outfitting your arrival will bring about a punishment of Rs 200 every day not surpassing the aggregate sum of TDS for the quarter. In the occasion that assessment enlistment or TDS Registration isn’t gotten then a penalty of Rs 5000 Rs. 200 multi day, whichever is higher may be pulled in.
Correction in TAN Registration
In the event that you need to roll out any improvements or revisions in the particulars specified in your TAN, at that point you can top off a change ask for frame accessible on NSDL site. You can likewise surrender your TAN for wiping out utilizing the Form for Changes or Correction in TAN
You have to present the accompanying reports alongside your change ask for application: