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TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax, TAN no is a must before anyone can proceed for Tax deduction or payment. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan and TDS/TCS certificates.
For Business-man & Consultants
TAN number is a specific number allotted for Deduction/ Collection of TDS and payment of same into Govt A/c by a person, who is making payment in relation to a business purpose / transaction. The TAN No is provides a unique Identification to Tax Deductor / Collector and help in the tracking of transactions, like payment of taxes and return filing.
Rajput Jain & Associates can help you obtain TAN registration.
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For any information / query regarding TAN registration Services, Contact Us
What is TAN?
TAN is Tax Deduction and Collection Number. TAN is used by the Income Tax Department to track all payments and filings of persons or entities required to deduct tax at source and pay it to the Government. TAN is a 10 digit alpha numeric number.
Why is TAN required?
As per Mandate from Income Tax department every business entity needs to deduct TDS (Tax Deduction at Sources), while making payment for certain business transactions, such as payment to Contractors/Sub-Contractor, or Professional for their services. After such deduction such payment need to be deposit in Govt. A/c through online banking or through challan to be deposited in specified Banks and, after that a return also needs to be filed in this regards. Simply TAN no is a must before anyone can proceed for Tax deduction or payment.TDS ensures the responsibility for payment of tax is diversified and the Government receives tax sooner.
What happens if I take TAN No, even it was not required?
Taking TAN No is not a legal mistake, however once you taken the TAN no, you need to mandatorily file quarterly return, even no tax has been collected by you. Hence it adds an additional compliance cost without any benefit. In fact if you forget to file return, you will end up paying 100 Rs late filing fee per day till the date of submission of returns.
It has been seen that many online company formation consulting firm offer free TAN No, without understanding the actual need of client. That practice actually put an additional compliance burden on the client.
Does every business entity need to take TAN No?
No, Only those business which need to deduct TDS or Collect TDS need to apply for TAN No.
What are the documents that need to accompany the TAN application?
A copy of certificate of incorporation (COI) duly attested by the director has to be annexed along with form 49B. However, where the application is being made online, the acknowledgment which is generated after filling up the form will be required to be forwarded to NSDL.
Can I use a PAN instead of TAN?
No, PAN cannot be quoted where TAN is required. PAN and TAN serve two different purposes. Therefore, it is mandatory for those deducting tax at source to obtain a TAN.
What documents are required for obtaining TAN?
To obtain TAN, application must be made in Form 49B at any of the authorized TAN Facilitation Center. Rajput Jain & Associates have associates with an authorized TAN Facilitation Center.
What is the process for obtaining TAN?
Process for TAN Registration
What are procedure for TAN retrieve?
Procedure to retrieve User ID & Password for Traces as under :
Why is it necessary to have TAN?
TAN is required to be quoted in all TDS/TCS returns all TDS/TCS payment challans and all TDS/TCS certificates to be issued. TDS/TCS returns will not be received if TAN is not quoted and challans for TDS/TCS payments will not be accepted by banks. Failure to apply for TAN or not quoting the same in the specified documents attracts a penalty of Rs.10000.
What are Compliances which need to be done after taking TAN no.?
After taking TAN No every firm need to comply with 2 compliances:-
Private Limited Companies are those types of companies where minimum number of members is two and maximum number is two hundred. A private limited company has the limited liability of members but at the same time it has many characteristics as those of a partnership firm. A private limited company has all the advantages of partnership namely flexibility, greater capital combination of different and diversified abilities, etc., and at the same time it has advantages of limited liability, greater stability and legal entity. In this sense, a private limited company stands between partnership and widely owned public company. Identifying marks of a private limited company are name, number of members, shares, formation, management, directors and meetings, etc., The maximum number of directors shall have to be mentioned in the Articles of Association. In the grand of privileges and exemptions, the Companies Act has drawn a distinction between an independent private company and other private company which is a subsidiary to the other public company.
All the information related to any client is considered confidential and never be disclosed to anyone.
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Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.
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Rajput Jain & Associates. are a tremendous value added to me as an executive and a busy parent. It just makes sense to delegate my tax file to them -- they are proactive, extremely service oriented, and most importantly, I am completely confident they are finding every dollar of tax savings available to me.
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We use Rajput Jain & Associates for all our accounting, Corporation tax, VAT and other compliance needs. The service is professional, courteous and prompt. I would recommend Rajput Jain & Associates to any company requiring a comprehensive accounting and tax service.
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