Applicability of TAN

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mahesh (Querist)
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27 September 2008 Dear Sir,

I am confused that I am working in Trading co. They have to pay commission to person but this amount is more than the amount applicable for TDS. but they have just started business.when can we apply for TAN.is it necessary to apply for TAN in this year.I feel that when our turnover is cross the limit of 40 lakh then we can apply for TAN in the next year. Is it true?
Pls send me your openion immidiately

CMA Jitendra Singh

CMA Jitendra Singh (Expert)
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27 September 2008 You have written status as Company under companies act 1956 so you must apply for TAN and deduct TDS

vinod

vinod (Expert)
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27 September 2008 you should apply for tan immediately

visu iyer

visu iyer (Expert)
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27 September 2008 To apply for TAN why are you waiting for the turnover to cross Rs.40 lacs.
U have statutory obligation to deduct tax if the minimum prescribed limit is crossed in a year; under various section for various payment.

To know the rate of deduction for various assessee please raise another query..!
all the best and
God BLESS u

mahesh

mahesh (Querist)
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29 September 2008 Dear sir,

If it is a properietory firm,then what is the procedure for TAN. they just started business.is it necessary to apply for tn

mahesh

mahesh (Querist)
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29 September 2008 Dear sir,

If it is a properietory firm,then what is the procedure for TAN. they just started business.is it necessary to apply for tn

CMA Jitendra Singh

CMA Jitendra Singh (Expert)
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30 September 2008 Hi Mahesh,

See first you estimate in which FY your turnover will cross threshold limit Rs.40 L ,in that FY u are suppose to deduct TDS after apply for TAN.

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