TAN is Tax Deduction and Collection Account Number. It is a 10 digit numerical number. This number need to be achieved by people who are responsible for deducting tax at source or collecting tax at resource. It is essential to estimate your TAN in TDS or TCS return, payment, certificates, Annual Information Return and other credentials.
Every individual whose taxes are withheld at source or those who save tax at source are compulsory to attain TAN. If a person is unsuccessful to apply for TAN or do not estimate the TAN in the particular documents, then the person will obtain a punishment of Rs.10,000.
A candidate cannot give their PAN number in the field where TAN is requisite to be stated and both these number provide all other purposes. TAN is a unique identification number that is provided to those who are withheld or collecting taxes at source on behalf of the Income Tax Department, PAN is an unique number supplied to charges that is persons and companies.
It is significant for an every individual to apply for TAN. There are two processes to go about it. A person can apply for TAN through both offline application and an online application.