A TAN number is a lawful entity for those who are liable for TDS (Text Deduction at Source) deduction. An alphanumeric code of 10-digit length is assigned as TAN number. Tax Deduction and Collection Account Number is shortened as TAN.
If it is found that you are liable to deduct TDS but not bearing a TAN number, then a fine amount of Rs. 10,000 will be incurred and as a result, no TDS returns and payments will be granted by the bank. So it is most important to get your TAN number verified.
The Process to Verify TAN Number
- Explore the e-Filing website at https://www.incometaxindiaefiling.gov.in/ and get logged on.
- Click on a link entitled “Know Your Tan” to explore it.
- A form will be exploring where you need to check either “Name” or “TAN” radio buttons in the “TAN Search” row.
- Then select the category from the dropdown list of “Category of Deductor”.
- Choose the required state.
- Provide your Name or TAN number as per your “TAN Search” mode you have already chosen.
- Provide the mobile number that you had used while filling the TAN number application form.
- Hit on “Continue”.
- It will then show the verification status of your TAN number.
Queries on TAN?
- Is TAN mandatory for all?
TAN is only mandatory for those who are supposed to deduct TDS section 203A of the Income-tax Act, 1961.
- A PAN and a TAN are the same?
A PAN and TAN numbers are completely different entities. Never do such practices.
- The cost to get a TAN number is?
To apply and get a TAN number, all your expenses will be Rs. 62/- only.
- How long you need to wait to get a TAN number after form submission?
To get a TAN number after applying for it, all further process till the issuing of TAN number to you may take 7 to 10 days.