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TAN Number (Income Tax)

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This query is : Resolved

( Querist )
11 November 2010

What is the difference between TIN and TAN Number, we are bangalore based company with turnover more than 1 crores, do we need to have TAN number.

sudhakar ca cwa

( Expert )
11 November 2010

TIN is as per Sales Tax Act and it is essential to quote ur TIN on all ur sales invoices and for sales tax filling purpose

TAN is as per Income Tax Act. it is neccessary to deduct the TDS.

Please confirm me whether ur individual or firm or company,

If u r Firm or company then TAN is compulsory.

for Individual and HUF if previus year u r in tax audit then TAN is compulsory


( Querist )
11 November 2010

its for firm ( pvt ltd company), is there any limit above which you have to have compulsorily tan number or its irrespective of that you should have ?

sudhakar ca cwa

( Expert )
11 November 2010

if it is a firm or pvt ltd co. irrespective of the turnover u need to apply TAN and deduct the TDS where ever applicable

CA.Madhusudan B.P.

( Expert )
11 November 2010

Since your turnover exceeds Rs 1 Crore, it is mandatory for you to get TAN.
If it was not a company,then based on the turnover(till F.Y.2009-10 Rs.40 Lakhs, from F.Y.2010-2011 onwards the limit has increased to Rs.60 Lakhs)

Simply apply for the TAN, you would be allotted with in 7-10 working days.

It is very essential to have TAN, for the purpose of deduction of Tax at source TDS.

If you dont follow the provisions of TDS, you will not be entitled for the expenses incurred.

TDS is applicable for Rent, Professional fee, Contracts, Interest.. etc.,
Kindly gothrough the provisions of Sec 194 in detail



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