The 10 digit alpha-numeric number, Tax Deduction and Collection Account Number (TAN) is mandatory to make the income tax related deal made for tax collection. Train yourself how to know your tan no because it is very important. Get it through proper channel so if you are accountable for Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) for income earning from different sources.
Organizations or individuals associated with them liable to collect tax at source for Income Tax Department must have TAN number. You must apply and know your tan registration number to get it because tax collection won’t be possible without that. Income tax authorities might charge a penalty of Rs. 10,000/- if individuals assigned for TDS/TCS collection doesn’t have TAN number. It will be considered violation of provisions of income tax to involve in it without this number.
Income Tax Act has necessitated TAN quoting in the issuance of TDS/TCS returns and TDS/TCS payment challans etc. In case you are involved in such tasks then quote the TAN details. Apply means about how to know your tan no. If TAN is not quoted then the TDS/TCS returns from both electronic and manual formats won’t be accepted. Authorities will reject them without TAN. Even banks won’t accept TDS/TCS challans not having TAN numbers. That is why you must know your tan registration number to ease this task.
Anybody having more than two TAN numbers violates income tax law. You should be aware of the law use means to learn how to know your tan no better. It is strictly instructed not to involve in illegal task by possessing multiple TAN numbers. One must surrender a duplicate TAN if received by mistake or whatever to surrender and make sure it is cancelled instantly.
If you know your tan registration number then this task becomes easy. Only one TAN suffices for both TDS and TCS hence it’s mentioning on all transactions for returns and challans is enough. Thorough study helps you know that corporate houses or banks may separate TAN for their branches for which an individual is assigned to be liable for income tax collection in that branch.
TAN Application Process
Fill requisite form if willing to apply for TAN and read how to know your tan no better. It is necessary to update existing TAN like corrections or changes too. Use Form 49B that is exclusive for application and insist to know your tan registration number when you apply. Submit filled form into any Tax Information Network Facilitation Centre (TIN-FCs) controlled by National Securities Depository Ltd (NSDL). Obtain TIN-FC addresses from its website.
Check with the authorities to know your tan registration number while submitting application without attaching any document. Forward instantly generated acknowledgement slip to NSDL while applying online to move it ahead. Be aware of tools helpful about how to know your tan no. You are asked for Rs. 50/- +service tax, as applicable for TAN processing fee to be submitted with the application form.
NSDL forwards digitized application forms to Income Tax Department that does further processing thereafter for TAN issuance. Once issued income tax department updates NSDL about it online. NSDL issues letter to an applicant as per the instructions of Income Tax Department and dispatches TAN letter to the address mentioned. If it was online application then email is sent instantly.