The Full form of TAN is Tax Deduction and Collection Account Number. Under the Income-tax act. in the year 1961, every firm gets its TAN. Additionally, every firm needs to pay the deductions and tax through this TAN only. It is mandatory to provide the challans and the tax deductions under the constitution of India. It is a number that maintains the legal finance of every firm and the income tax department issues this to the businesses. Additionally, The Businessman cannot pay tax without the TAN and it can cause legal problems to the firm.
TAN is Tax Deduction and Collection Account Number. Every firm needs to pay the inferences and tax through this TAN only. It is a number that maintains the legal finance of every firm and the income tax department subjects this to the businesses. TAN is a 10 digit alphanumeric number that is unique for every business.
Furthermore, the TAN is a 10 digit alphanumeric number that is unique for every business. The first three letters are the city, the 4th is the initial of the firm and the reset number makes it unique and significant. The income tax department deposits the extra amount under this account after the verification. Tax is an economic booster for India and gives a huge lump to our GDP. However, to manage it properly the Income Tax department has some reforms. These reforms include the issuing of the TAN along with other procedures.
Documents Needed for TAN Application
There is no requirement to attach any document with the application for the allotting of TAN. But, when the application is being done through the online mode, the declaration, which gets produced after filling up the form, will have to be sent to NSDL. The acknowledgment properly signed, along with the demand draft (if any) shall be sent to NSDL.
There are two modes for applying for Tax Deduction and Collection Account Number (TAN) such as online and offline. Sometimes there is confusion between TAN and TIN. Both are tax identification numbers. TAN is needed in the procedures of TCS and TDS. NSDL TIN website is the only website to apply for TAN.
TAN and PAN are the same?
No, TAN and PAN are not the same. The number allocated to tax deductors is called TAN whereas the number allocated to taxpayers is Permanent Account Number (PAN). if you are liable to deduct TDS, then you should get a TAN card
| Term | Full Form |
| TAN | Tax Deduction and Collection Account Number |
FAQ’s
Under the Income-tax act. in the year 1961, every firm gets its TAN. Additionally, every firm needs to pay the deductions and tax through this TAN only. It is mandatory to provide the challans and the tax deductions under the constitution of India.
TAN is short form of Tax Deduction and Collection Account Number.
Tax Deduction and Collection Account Number is full form of TAN.
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