TAN or Tax Deduction and Collection number is a 10-digit alpha-numeric code that must be acquired by individuals for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government.
Individuals with monthly salaries do not need to obtain TAN but proprietorships and other business entities (Private Limited Company, LLP, etc.,) should deduct tax at source while making certain payments like salaries, sub-contractor payments, consultancy payments and/ or rent exceeding Rs. 2,40,000 per year, etc.
TDS collection ensures that the tax is preponed and the responsibility lies with the entity and it ensures that the collection is diversified. By quoting the TAN number, the person deducting the tax at Source is necessary to deposit the tax deducted to the credit of the Central government.
Complisure can help you obtain your TAN Registration.
TAN - Tax deduction Account Number
TAN is a 10-digit alpha-numeric code that is allotted by the IT department for individuals or legal entities responsible for deducting or collecting tax at source.
TDS payments should be made before the 7th day of the month for the preceding month TDS Charge. Tax Deducted at Source must be paid into the legal bank, quoting the TAN and using Challan No. 281.
Complisure is a legal TAN facilitation center. We can help you obtain your TAN. Forward the TAN application along with required documents and we will help you get your TAN quickly.
Proprietorships Require TAN Deduction of tax at source is not necessary for Salaried individuals. Proprietorship entities should obtain TAN and deduct tax at source when required.
The subscription for TAN is valid for lifetime. TDS Filings must be renewed every quarter i.e. every 15th day of July, October, January and May. TDs must be filed within the allocated due date to avoid penalties.
To prepare the TDS return for your business entity, our TDS Expert will collect all the required documents and information.
Based on the documents and information you provide; our expert will prepare your TDS return and send it back to you for approval.
Once verified and approved, our TDS Expert shall file it with the Income Tax Department.