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PAN Card & TAN Number
A PAN card and TAN number are both unique identification numbers issued by the Income Tax Department of India for tax-related purposes. Here's what each of them stands for:
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What Is PAN Card & TAN Number ?
A PAN card and TAN number are both unique identification numbers issued by the Income Tax Department of India for tax-related purposes. Here’s what each of them stands for:
- PAN Card (Permanent Account Number):
- A PAN card is a 10-character alphanumeric identifier issued by the Income Tax Department to individuals, entities, and organizations engaged in financial transactions.
- TAN Number (Tax Deduction and Collection Account Number):
- A TAN number is a 10-character alphanumeric identifier issued by the Income Tax Department to entities and individuals who are required to deduct or collect tax at source on various payments, such as salaries, professional fees, rent, interest, dividends, and other specified payments.
Who needs PAN Card & TAN Number ?
- PAN Card (Permanent Account Number):
- Individuals: All Indian citizens, including minors, as well as foreign nationals residing in India who engage in financial transactions such as earning taxable income, making investments, or conducting business activities, need a PAN card.
- Entities: Various entities such as companies, partnerships, LLPs (Limited Liability Partnerships), trusts, associations, HUFs (Hindu Undivided Families), and others engaged in financial transactions, business activities, or taxable transactions also need a PAN card.
- TAN Number (Tax Deduction and Collection Account Number):
- Employers: Entities, including companies, firms, LLPs, government departments, and other organizations, that are responsible for deducting tax at source (TDS) from payments such as salaries, wages, professional fees, rent, interest, dividends, etc., need to obtain a TAN number.
- Deductors and Collectors: Any person or entity who is required to deduct tax at source (TDS) or collect tax at source (TCS) on specified payments under the Income Tax Act, 1961, needs to obtain a TAN number. This includes deductors under sections such as 192, 194A, 194C, 194H, 194I, 194J, etc., and collectors under section 206C.
What are the Types Of PAN Card & TAN Number ?
- Types of PAN Card:
- Individuals: PAN cards issued to individual taxpayers, including Indian citizens and foreign nationals residing in India.
- Entities: PAN cards issued to various entities such as companies, partnerships, LLPs (Limited Liability Partnerships), trusts, associations, HUFs (Hindu Undivided Families), and others engaged in financial transactions or business activities.
- Types of TAN Number:
- Employers: TAN numbers issued to employers, including companies, firms, LLPs, government departments, and other organizations, responsible for deducting tax at source (TDS) from payments such as salaries, wages, professional fees, rent, interest, dividends, etc.
- Deductors and Collectors: TAN numbers issued to any person or entity required to deduct tax at source (TDS) or collect tax at source (TCS) on specified payments under the Income Tax Act, 1961. This includes deductors under sections such as 192, 194A, 194C, 194H, 194I, 194J, etc., and collectors under section 206C.
What are the Documents Required For PAN Card & TAN Number ?
- Identity Proof (e.g., Aadhaar card, Passport, Voter ID, etc.)
- Address Proof (e.g., Aadhaar card, Passport, Utility bills, etc.)
- Date of Birth Proof (e.g., Birth certificate, Aadhaar card, Passport, etc.)
- Passport size photograph
For TAN Number:
- Identity Proof (e.g., Aadhaar card, Passport, Voter ID, etc.)
- Address Proof (e.g., Aadhaar card, Passport, Utility bills, etc.)
- Proof of Business Entity (e.g., Incorporation certificate, Partnership deed, etc.)
- Passport size photograph
What are the Benefits Of PAN Card & TAN Number ?
Benefits of PAN Card:
- Universal Identification:
- Income Tax Filing:.
- Opening Bank Accounts:.
- Investments:
- Purchase and Sale of Assets:
- Business Transactions:.
- Availing Loans and Credit:.
- Government Subsidies and Benefits:.
Benefits of TAN Number:
- Tax Deduction at Source (TDS):.
- Tax Collection at Source (TCS):.
- Compliance with Tax Laws:.
- Tracking Tax Payments:.
- Avoidance of Penalties:.
What is the Stepwise Process Of PAN Card & TAN Number ?
Stepwise Process for PAN Card:
- Application Submission:
- Obtain Form 49A (for individuals) or Form 49AA (for entities) from the official website of NSDL or UTIITSL, or authorized PAN service centers.
- Fill out the form with accurate details including personal information, address, contact details, etc.
- Document Submission:
- Attach the necessary supporting documents such as proof of identity (PoI), proof of address (PoA), and photographs as per the requirements specified in the application form.
- Payment of Fee:
- Pay the applicable processing fee for PAN card application online or offline through demand draft, debit/credit card, net banking, etc.
- Submission of Application:
- Submit the completed application form along with supporting documents and fee payment receipt to the nearest PAN application center or designated collection centers.
- Acknowledgment and Tracking:
- Upon submission, an acknowledgment receipt with a unique 15-digit acknowledgment number is provided. Use this number to track the status of the PAN card application online.
- Verification and Processing:
- The Income Tax Department verifies the details provided in the application and processes the PAN card application. This may involve scrutiny of documents and cross-verification of information.
- PAN Allotment:
- Once the application is processed successfully, the Income Tax Department allots a PAN card and issues a PAN number to the applicant.
- Dispatch of PAN Card:
- The PAN card is dispatched to the address mentioned in the application form within a few weeks of PAN allotment. Track the delivery status using the acknowledgment number.
Stepwise Process for TAN Number:
- Application Submission:
- Obtain Form 49B (Application for TAN) from the official website of NSDL or authorized TAN service centers.
- Fill out the form with accurate details including entity information, contact details, etc.
- Document Submission:
- Attach the necessary supporting documents such as proof of identity (PoI), proof of address (PoA), and registration documents as per the requirements specified in the application form.
- Payment of Fee:
- Pay the applicable processing fee for TAN application online or offline through demand draft, debit/credit card, net banking, etc.
- Submission of Application:
- Submit the completed application form along with supporting documents and fee payment receipt to the nearest TAN application center or designated collection centers.
- Acknowledgment and Tracking:
- Upon submission, an acknowledgment receipt with a unique 14-digit acknowledgment number is provided. Use this number to track the status of the TAN application online.
- Verification and Processing:
- The Income Tax Department verifies the details provided in the application and processes the TAN application. This may involve scrutiny of documents and cross-verification of information.
- TAN Allotment:
- Once the application is processed successfully, the Income Tax Department allots a TAN number to the applicant.
- Intimation and Usage:
- The applicant receives intimation of the allotted TAN number. Use this TAN number for tax deduction and collection at source (TDS/TCS) as required by law.
- Application Submission:
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