TDS
This query is : Resolved
13 April 2011
Is there any limit for the application of TAN no??
& what is the procedure for the application of TAN no??
OR
when it become neccersary for an Individual to apply for TAN no?
& what is the procedure for the application of TAN no??
OR
when it become neccersary for an Individual to apply for TAN no?
13 April 2011
No limit as such for application of TAN.
When TDS required to be deducted you need to apply for PAN.
In case of payments made under sec. 194A, 194C, 194H, 194I and 194J in respect of individual and HUF, only if the turnover or professional receipt exceeds sum of Rs. 40 lakh or Rs. 10 lakh respectively (the limits will be Rs. 60 Lakh or Rs. 15 Lakh respectively w.e.f. 01.04.2010) in previous year, he is required to deduct tax at source. When required to deduct TDS PAN has to be applied for.
When TDS required to be deducted you need to apply for PAN.
In case of payments made under sec. 194A, 194C, 194H, 194I and 194J in respect of individual and HUF, only if the turnover or professional receipt exceeds sum of Rs. 40 lakh or Rs. 10 lakh respectively (the limits will be Rs. 60 Lakh or Rs. 15 Lakh respectively w.e.f. 01.04.2010) in previous year, he is required to deduct tax at source. When required to deduct TDS PAN has to be applied for.
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