Understanding PAN/TAN Registration:

PAN refers to the Permanent Account Number. Its primary function is to prevent tax evasion by keeping a complete track of monetary transactions.

TAN registration refers to Tax Account Number. It enables the assessee who has made payment to claim the tax deducted in their Income tax return.

The Income tax department issues both the numbers against the application in the prescribed form.

Advantages of PAN/TAN Registration:

IT Returns Filing:

A PAN card is necessary for the filing ITR, and is the primary reason for individuals, as well as other entities, apply for one.

Identity Proof:

PAN card serves a valid identity proof. Other than Aadhar card, PAN card is also accepted by all financial institutions and other institution as an identity proof.

Starting a business:

In order to start a business, a company or any other entity registration of PAN in the name of its entity, is mandatory.

TAN Registration:

 TAN helps you deposit TDS to the central government account and generates Form 16.</p> <p> The ITD also uses TAN to auto-capture data like name, address and Postal Index Number of the TAN holder.</p> <p> TAN can also be used for filing TDS returns, generates challans and certificates.<br />

Drawbacks of PAN/TAN Registration:

  • Without PAN card no business entity can file their ITR.
  • In a similar way, failure to apply for TAN will result in a penalty of Rs.1000.

Why you should apply for PAN/TAN Registration:

  • It is statutory obligation that all existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN.
  • Any person, who intends to enter into financial transaction where quoting PAN is mandatory, must obtain PAN.
  • The provisions of Section 203A of the Income Tax Act, 1961 require all persons who deduct or collect tax at sources to apply for the allotment of TAN.
  • The section also makes it mandatory to quote TAN in all TDS/TCS/Annual Information Returns, payment challans and certificates to be issued.

Documents required for PAN/TAN Registration:

Following are the documents required:

  • Applicant’s proof of identity.
  • Applicant’s proof of address.
  • Form 49A – PAN registration application.
  • Form 49B – TAN registration application.
  • Applicant must affix 2 colour passport size photograph for PAN card.
  • In case, an individual applicant enters Aadhar card number in the application form, then submit the proof of Aadhar along with other documents.

Processing Fee – PAN card is Rs.107

Processing Fee – TAN card is Rs.63.

How ASA helps you get PAN/TAN in India:

  • Somebody taking up all the paper work on your behalf is such a huge sigh of relief. It can help you focus on more important aspects of business.
  • We, here, at ASA helps you in this by taking off your burden of all the paper work. We have a great team of experienced people who are well aware of all legal formalities and documents required. Our representatives are here to work for you around the clock.
  • Our representatives will do all the necessary paperwork required so you can have time to focus your attention on other necessary important things.
  • By new provision of the income tax department, now, it only takes 1-2 days to get a PAN/TAN card.

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