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PAN (Permanent Account Number)

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.

Benefits of PAN Registration:

PAN card registration helps in various areas like,

  • IT Return filing
  • IT refunds
  • Form a new business
  • Opening a new bank account
  • Identity proof
  • Tax deductions

TAN/ TDS Registration:

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.

Features of TAN Registration:

  • TAN number is issued for a lifetime there is no need for renewal.
  • TAN Number is required at time of TDS payment and TDS returns.
  • On Failure to apply for TAN will result in a penalty of ₹ 10,000.
  • TDS returns need to be filed quarterly and TDS certificates is given in 15 days from due date of filing.
  • Different slab and limits are there as per different sections in Income Tax Act for deducting TDS.

Documents Required for PAN/TAN Registration

  • Applicant’s proof of identity
  • Applicant’s proof of address
  • Form 49B – TAN registration application