Overview of TAN Registration in India.
Tax Deduction and Collection Account Number (TAN) is a 10-digit alphanumeric number required to be obtained by all persons who are responsible for deducting tax at source (TDS) or collecting tax at source (TCS). TAN is issued by the Income Tax Department of India.
Why is it necessary to choose the right business structure in India?
- Applicant must be liable to deduct tax at source or collect tax at source.
- PAN card of the applicant.
- Correct and complete details of the entity applying for TAN.
- Accurate details of the person responsible for deducting or collecting tax.
Benefits of TAN Registration in India
- Legal Requirement: It is a legal requirement for entities liable to deduct or collect tax at source.
- Avoid Penalties: Avoid penalties for non-compliance with TDS/TCS provisions.
- Facilitates Tax Deduction: Facilitates the deduction of tax at source from payments made.
- Enables TDS/TCS Filing: Necessary for filing TDS/TCS returns and compliance with tax laws.
- Smooth Tax Compliance: Helps in smooth tax compliance and avoids legal hassles.
How Register Helps in the TAN Registration Process?
- Visit the NSDL TIN website: Go to the NSDL TIN website and select the ‘TAN’ option.
- Select Form 49B: Choose Form 49B for TAN application.
- Fill in the Form: Enter all the required details accurately.
- Upload Documents: Upload the necessary documents as per the requirements.
- Payment of Fees: Pay the requisite fees online.
- Submit the Form: Submit the form online.
- Acknowledgment: After successful submission, an acknowledgment containing a unique acknowledgment number will be generated. Note down this number for future reference.
- Verification: The application and documents will be verified by the Income Tax Department.
- Receipt of TAN: Upon successful verification, the TAN will be issued and communicated to the applicant.
Documents Required for TAN Registration in India
- Identity Proof
- Address Proof
- Business Registration Proof
- Proof of Office Address