Corpstore Business Solutions provides PAN and TAN registration in Major cities like Madurai and Karur. Applying for PAN and TAN is very simple process. Permanent Account Number (PAN) is a ten-digit unique alphanumeric number issued by the Income Tax Department, to individuals and those companies under the Indian Income Tax Act, 1961. PAN enables to link all transactions of the assesse with the department. These transactions include tax payments, TDS/TCS credits, returns of income, specified transactions, and so on.
The PAN is unique to each individual and is valid for the life time of the holder, throughout the country. All existing taxpayers or persons who are required to furnish a return of income, either on behalf of individual or others, must obtain PAN.
PAN card registration helps in various areas like,
TAN or Tax Deduction and Collection Number (TAN) is 10 digit alpha number required obtained by the persons who are responsible for TDS or TCS on behalf of the Government. Tax deducted at source (TDS) ensures that the tax collected is proposed and the responsibility for paying tax is diversified. The person deducting TDS is required to deposit the tax deducted to the acknowledgment of Central Government by mentioning the TAN number. There is no necessary for salaried individuals to obtain TAN or deduct tax at source.
However, a proprietorship business and other business entities like Private Limited Company, LLP, etc. must deduct tax at source while making payments like salary, payments to contractor or sub-contractors, payment of rent exceeding Rs.1, 80,000 per year, etc. On deducting tax at source, the entity registered for TAN will issue a TDS Certificate as proof of collection of tax.