My friend would like to start a new venture as a proprietor. He wants to make the payment to Contractor. For his business, his PAN will be treated as PAN for his business too. I would like to guide him on how he needs to apply for TAN? Please guide me. How he needs to apply PAN? On which basis he needs to apply for TAN?
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Pan & tan for business run by proprietor
Replies (3)
for prop if in previous year it was under tax audit then it is mandatory to deduct tax on payment made to contractor in the current financial year... since it is a new ventures your friend is exempted in current fy for tds... no need to apply for TAN.
From next year he needs to deduct the TDS right? Even if he is not under complusory tax audit?
he is liable to deduct tax in the fy if in previous fy he was get tax audited..
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