11 November 2010
Sunil, 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