What is TAN Registration?

Tax Deduction and Collection Account Number (TAN) is a 10-digit alphanumeric number. The number is required to be cited on all TDS returns under Section 203A of the Income Tax Act, 1961. The TAN number is should have been acquired by every one of those people who are in charge of deducting and gathering taxes. Tax deducted at source (TDS) guarantees that the Government’s collection of tax is proponed and the obligation regarding paying tax is expanded.

The individual deducting the tax at source is required to store the tax deducted to the credit of Central Government – citing the TAN number. People who are salaried are not required to get TAN or deduct tax at source.

Be that as it may, a proprietorship business and different substances (i.e., Private Limited Company, LLP, and so forth.,) must deduct tax at source while influencing certain payment to like salary, payment to contractor or sub-contractors, payment of lease surpassing Rs.1,80,000 every year, and so forth.

On deducting tax at source, the element enlisted for TAN will issue a TDS Certificate as confirmation of collection of tax.

To acquire TAN, application must be made for portion of TAN in Form 49B alongside the required supporting reports. In light of the application, the TAN will be assigned to the substance and the element must cite the TAN in all TDS/TCS returns, TDS/TCS payment challans and all TDS/TCS Certificates.

What is TAN Registration Number or TDS Registration?

Tax Deduction and Collection Account Number (TAN) is a 10-digit alphanumeric number. The number is required to be quoted on all TDS returns under Section 203A of the Income Tax Act, 1961. The TAN number is needed to be obtained by all those persons who are responsible for deducting and collecting taxes.

Tan’s surface is with the end goal that its number is dictated by ANBA99999B. In which the initial four numbers are given as letters and five digits after that and the last number is additionally a letter. Clarifies a specific character of each number written in Tan. From where the tan is discharged, the name of the initial three letters shows the name of the city or state and the fourth letter demonstrates the primary letter of your name.

Utilization of TAN Number:

1) TAN is utilized for deductions like salary, intrigue, profit, and so on.
2) It can be utilized for returns, challans and certificates.
3) It auto-catches finish address of the individual who deducts tax in the interest of the IT office. It additionally catches the Postal Index Number recorded with Income Tax Department.
4) On the off chance that a man has more than one TAN, it is unlawful. Be that as it may, diverse branches or divisions of a collector can apply for separate TAN for each branch or division.

What is TAN Registration Online?

On the off chance that a candidate, both individual and the organization wishes to apply through the online mode, at that point they can visit the NSDL-TIN site. After you have topped off the application, you have to make the expense payment of Rs.55 in addition to benefit tax that is pertinent. The expense for preparing TAN application is Rs.62 (Rs.55 + 10.20% administration tax). You can utilize the credit card or debit card or net banking to make this payment.

On making this payment, you will get the 14 digit affirmation number, status of the application, name of the candidate, and contact points of interest, Payment Details and a space for signature. This affirmation should be printed out and appropriately marked and sent to NSDL at the given NSDL address amid accommodation. This affirmation should achieve the NSDL inside 15 long stretches of online accommodation.

The individuals who pay the preparing charge through net managing an account, Visa or platinum card will be issued a TAN inside 5 working days. TAN will be intimated by email and the TAN portion letter will be dispatched on receipt of the marked affirmation.

The candidate must remember that the TAN Application can be made on Form 49B no one but, you can’t type out the application ask for on a plain bit of paper. The application can anyway be written on the Form 49B, the composing ought to be in capital letters.

If you want to know more the checkout here about How to Get TAN Number

TAN Registration or TDS Registration are the Same?

Yes, TAN Registration or TDS Registration is the same. Even if you are apply for the TAN Registration for TDS Purpose then its also called the TDS Registration for the same.

Reason to Register a TAN Number ?

As said above, TAN is required for citing it while documenting TDS/TCS/Annual Information Returns, installment challans, and certificates. On the off chance that the 10-digit alphanumeric number isn’t cited, the profits documented are not acknowledged by the TIN facilitation focuses in the nation while banks don’t acknowledge the challans for TDS/TCS installments. It should be specified that if a person who is required to have TAN does not have any significant bearing for it, he/she attracts a punishment of Rs.10, 000.

Any individual who deducts/gathers tax at source – that is, any individual who is a business who pays pay rates and facilitates TDS – needs a TAN (Tax deduction and collection Account Number). In the event that you don’t have a TAN, you can’t deduct taxes from pay rates and commissions to someone else. In the event that you are an association or state government authority, a nearby authority, an organization, a branch or auxiliary of an organization, a statutory or self-governing association, a trust, a sole proprietor, a Hindu Undivided Family, or an association of people, you need to get a TAN to make lawful salary exchanges.

Documents Required for TAN Application

While presenting your application for apportioning of TAN, you require not present any Documents. In any case, in the event that you are presenting the application on the web, you have to sign the affirmation and forward it to NSDL address that will be given to you.

What are the Tax Rates Under the TDS TAN ?

TDS is acronym for Tax Deducted at Source. It is a roundabout method for gathering pay assess at source by the legislature of India. TDS is overseen by the Central Board for Direct Taxes (CBTD). TDS is required on wages earned from motivations and commissions, profits, installment earned for different administrations, deal, lease and buy of steady property, settled stores, and so on. The finding of TDS differs in view of the wellspring of your pay and it runs between 1% to 30%. The individual on whom the obligation of deducting charge is forced needs to deduct impose at source at suitable rates and the deducted total is saved to the credit of legislature of India.

Any employer has the authority to deduct charge at source while making the genuine installment to the employee. The employers deduct impose from pay rates just at the season of installment. TDS is deducted if the aggregate income of the employee is assessable. TDS won’t be deducted if your aggregate income is Rs. 2, 50,000. This sum is material for people beneath the age of 60 years. Regularly, TDS conclusion rate on salary ranges from 10% to 30%.

Tax deduction at source occurs at various rates in view of the exchange. TDS rate for salary is resolved in view of the representatives’ salary and tax payable by the worker. The tax rate fluctuates relying upon the sort of exchange. A rate of 10% is appropriate for deducting TDS on lease of land, building or furniture if lease fir whole year surpasses Rs.1, 80,000.

What is the Penalty Under Not Obtaining the TDS Registration?

Fifteenth of each July, October, January, and May are the due dates for documenting quarterly TDS return. Any postponement in outfitting your arrival will bring about a punishment of Rs 200 every day not surpassing the aggregate sum of TDS for the quarter. In the occasion that assessment enlistment or TDS Registration isn’t gotten then a penalty of Rs 5000 Rs. 200 multi day, whichever is higher may be pulled in.

Correction in TAN Registration

In the event that you need to roll out any improvements or revisions in the particulars specified in your TAN, at that point you can top off a change ask for frame accessible on NSDL site. You can likewise surrender your TAN for wiping out utilizing the Form for Changes or Correction in TAN.

You have to present the accompanying reports alongside your change ask for application:

a) Evidence of the TAN you are as of now utilizing.
b) Evidence of TAN that will be surrendered or dropped.
c) TAN portion letter or printout of TAN points of interest.
d) Applicable archived confirmation to help your demand to change or right certain particulars in your TAN.