This discussion clarifies whether small businesses require a TAN (Tax Deduction and Collection Account Number). Generally, a TAN is compulsory for all entities except individuals and HUFs whose books aren't audited. If you pay commissions exceeding a certain threshold in a year, you are likely liable to deduct TDS and therefore need to obtain a TAN. Failure to do so can result in a penalty of Rs. 10,000.
Who is Liable to deduct tds and Required TAN for deducting tds supppose if i pay Commission to one person For amount of 35000 in a year am i liable to deduct tds and obtain TAN ??
31 December 2022
TAN is Compulsory For Every Person Except in case of individual & HUF where Books are Not Audited Earlier. small or big Business is not criteria for Determining Requirement of TAN