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| PAN / TAN : | ||
| Permanent Account Number (PAN) | ||
| Permanent Account Number (PAN) is unique identifiable alphanumeric combination which is issued by Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) to every person. It is also used as an ID proof. Today, Every Person requires to mandatory to quote PAN in the following financial transactions:- 1) sale or purchase of any immovable property valued at Rs.500,000 INR or more; 2) sale or purchase of a motor vehicle or vehicle, [the sale or purchase of a motor vehicle or vehicle does not include two wheeled vehicles, inclusive of any detachable side-car having an extra wheel, attached to the motor vehicle;] 3) a time deposit, exceeding Rs. 50,000 INR, with a banking company ; 4) a deposit, exceeding Rs. 50000 INR, in any account with Post Office Savings Bank; 5) a contract of a value exceeding Rs.100,000 INR for sale or purchase of securities; 6) opening a bank account; 7) making an application for installation of a telephone connection (including a cellular telephone connection); 8) payment to hotels and restaurants against their bills for an amount exceeding Rs. 25000 INR at any one time; 9) payment in cash for purchase of bank drafts or pay orders or banker’s cheques for an amount aggregating Rs 50,000 INR or more during any one day; 10) deposit in cash aggregating Rs. 50000 or more with a bank during any one day; 11) payment in cash in connection with travel to any foreign country of an amount exceeding Rs. 25000 INR at any one time. |
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| TAX DEDUCTION AND COLLECTION ACCOUNT NUMBER (TAN) | ||
| All those persons who are required to deduct tax at source or collect tax at source on behalf of Income Tax Department are required to apply for and obtain TAN.TAN (Tax Deduction and Collection Account Number) is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan and TDS/TCS certificates. An application for allotment of TAN is to be filed in Form 49B and submitted at any of the TIN Facilitation Centres meant for receipt of e-TDS returns. TAN is required to be quoted in all TDS/TCS returns, all TDS/TCS payment challans and all TDS/TCS certificates to be issued. TDS/TCS returns will not be received if TAN is not quoted and challans for TDS/TCS payments will not be accepted by banks. Failure to apply for TAN or not quoting the same in the specified documents attracts a penalty of Rs. 10,000/- |
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