Details about TAN:
The TAN full form is Tax Deduction and Collection Account Number, It is a ten-digit alphanumeric number assigned by the Income Tax Department of the government. Individuals in charge of withholding tax at source (TDS) or collecting tax at source are required to obtain TAN (TCS). Section 203A of the Income Tax Act of 1961 contains the relevant regulations. A person who must deduct tax under Section 194-IA of the Income Tax Act, however, is not required to obtain a TAN; instead, they may utilize their PAN.
How to apply for TAN?
A Tax Deduction and Collection Account Number are required if one party is paying another party a salary or commission. This may consist of: Individuals, Undivided Hindu families, companies, Whether it be the federal, state, or local government, one business owner, Firms, Organizations of people, and Trusts. You can apply for TAN online, all you need to do is just follow the below-given instructions.
Step 1: Online Form 49B can be filled out and submitted.
Step 2: Review for mistakes. Correct any discrepancies and submit the form again if any are found.
Step 3: A confirmation screen outlining all the information entered by the applicant will be shown.
Step 4: The applicant can either confirm or change the information.
After the completion of step 4 an acknowledgment screen will be displayed to the applicant, it comprises a 14-digit acknowledgment number that is Unique for everyone, the applicant’s status, the Candidate’s name, Contact information, Paying information, and Area for signing.
The Bottom line:
To conclude, the TAN full form is Tax Deduction and Collection Account Number, from the above-given article we have learned the basic details of TAN and the applying procedure. The application fee for processing TAN is Rs.65 for an individual. Moreover, you can also apply this offline.