As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits.
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The TAN stands for Tax Deduction and Collection Number (TAN) is compulsory for all people and organization. It is a 10 digit alphanumeric code required to be acquired by the citizens that are in charge of Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) in the interest of the Government. The tax deducted by the individual at source is the legal entity, has to deposit the deducted TDS to the government and the complete details of the same, have to be filed in the form of a TDS return.
It is not required by the individuals to have TAN. For a proprietorship business and different entities (i.e., Private Limited Company, LLP, and so on.,) is supposed to deduct tax at source while doing the specific type of payments like salary, giving the amount of the contractual worker or sub-temporary workers, payment of lease surpassing Rs.1,80,000 every year, and so on. The Great solutions highly professional team can help to acquire TAN Registration.
TDS returns filling are mandatory for those who are having TAN Registration. TDS returns are expected the quarterly. Great solutions can enable you to electronically file your TDS returns online. Our highly skilled and professional experts can enable you to process TDS returns and payment for the TDS return and keep you updated with TDS rules. The returns have to be filed for every quarter i.e. May 31, July 31, October 31 and January 31 for every coming year.
Every individual is having a PAN, it is a 10 character alpha-numeric code issued by the Income Tax Department for people in charge of deducting or gathering tax at source.
All business organizations are required to have TAN.
TAN Deducted at Source must be deposited into the approved bank, citing the TAN and utilizing Challan 281. TDS amid the first month must be paid before the seventh day of the next month.
At the source, the deduction of tax is not required for salaried employees. The people operating a proprietorship are required to get TAN and deduct tax at source when required.
Great solutions are the approved and one-stop place to facilitate people to get TAN easily and rapidly. Simply send the TAN application to us with pre-requisite documents and our skilled team is always there to help you.
The TAN is valid for a lifetime when it is issued. The TDS Filings must be made quarterly on the fifteenth day of July, October, January, and May. Not filling the TDS is an offense.
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