11 July 2011
sir my dad has strted a new finance buisness for which he has applied for tan card.sir can i knw wht is uses of tan card?and fr micro finance business tan no is needed?and which form shlould be used aft geting tan card for filing tax?
12 July 2011
The provisions of section 203A of the Income-tax Act require all persons who deduct or collect tax at source to apply for the allotment of a TAN. The section also makes it mandatory for TAN to be quoted in all TDS/TCS returns, all TDS/TCS payment challans and all TDS/TCS certificates to be issued. Failure to apply for TAN or comply with any of the other provisions of the section attracts a penalty of Rs. 10,000/-.
For Companies other than companies claiming exemption under section 11 -ITR-6, For firms, AOPs, BOIs and LLP(Limited Liability Partnership)-ITR-5, For Individaul/HUF Income from Proprietary Business/Profession -ITR-4 is to be used.
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