PAN/TAN

PAN

PAN stands for Permanent Account Number. A PAN number is a ten-digit number in alphabets and numerical, or in ‘alphanumeric’ terms, that is allocated by the income tax department to all the taxpayers, and is unique with each individual. A PAN number helps the authorities keep track of the financial activities of any individual, as PAN is integral to all forms of payments. A PAN number is allotted through a laminated card, which is called a PAN card. A PAN card contains information like PAN number, Name, DOB, and Father’s Name. If you have lost your PAN card, not to worry. Apply for a duplicate PAN card online or offline.

Types of PAN

1. Individual
2. HUF-Hindu undivided family
3. Company
4. Firms/Partnerships
5. Trusts
6. Society
7. Foreigners

Why do you need PAN?

PAN is a unique identification number that enables each tax paying entity of India with the following:

• Proof of Identity
• Mandatory for Filing Taxes
• Registration of Business
• Financial transactions
• Eligibility to open and operate Bank Accounts
• Mutual Fund – PAN is beneficial to complete e-KYC for mutual fund investments.

The fourth character identifies the type of holder of the card. Each holder type is uniquely defined by a letter from the list below:

A — Association of persons (AOP)

B — Body of individuals (BOI)

C — Company

F — Firm

G — Government

H — HUF (Hindu undivided family)

L — Local authority

J — Artificial juridical person

P — Individual or Person

T — Trust (AOP)

Documents Required For PAN:

• Aadhar
• 2 Passport size Photo
• Proof of Date of Birth

As proof of identity and address for applicants other than individual and HUF is as below:

• Company/ LLP
• Partnership Firm
• Association of Persons (Trust)

• Certificate of Incorporation
• Copy of Partnership Deed
• Copy of Trust Deed/Registration Certificate

Time duration

It can take up to 7-10 working days in order to PAN.

Cost involved

Get Your PAN On 499/- Only

TAN

A Tax Deduction and Collection Account Number is a 10 digit number issued to persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961. TAN’ stands for Tax Deduction and Collection Account Number. 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.

As per Section 203A of the Income Tax Act 1961, it is mandatory for all asseesee’s liable to deduct TDS to quote this TAN Number in all communications regarding TDS with the Income Tax Department and failure to do so attract a penalty of Rs. 10,000.

Use of TAN Number

• TAN is used for deductions like salary, interest, dividend, etc.
• It can be used for returns, challan and certificates.
• It auto-captures complete address of the person who deducts tax on behalf of the IT department. It also captures the Postal Index Number recorded with Income Tax Department.
• If a person has more than one TAN, it is illegal. But different branches or divisions of a collector can apply for separate TAN for each branch or division.

To make any request for changes or corrections, an individual has to fill up and submit Application for Changes or Correction in TAN Data for TAN allotted. For corrections or changes in TAN data, an applicant has to fill in all mandatory fields of the form and choose the corresponding box on the left margin of appropriate field where correction is necessary. Request for TAN change can be made for ‘change of category of the applicant’ only when the category is wrongly listed in the Income Tax Department’s TAN database.

As proof of identity and address for applicants other than individual and HUF is as below:

• Proprietorship
• Company/ LLP
• Partnership Firm
• Association of Persons (Trust)

• GST Certificate or any other registration certificate.
• Certificate of Incorporation
• Copy of Partnership Deed
• Copy of Trust Deed/Registration Certificate

Documents Required For TAN:

• Aadhar
• 2 Passport size Photo
• Proof of Date of Birth

Time duration

It can take up to 7-10 working days in order to TAN.

Cost involved

Get Your TAN On   799/- Only