WHO CAN APPLY FOR A TAN? WHT IS THE MINIMUM ELIGIBILITY TO APPLY FOR A TAN? IF INDIVIDUAL GIVEN INTEREST AGAINST UNSECURED LOAN WILL ANY KIND OF A OBLIGATION TO HIM TO CUT THE TDS?
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a person who is liable to deduct tax at source from any payments made such as Rent, contractor payments, professional fees etc.. if they exceed the prescribed limit during the F.Y. then he needs to deduct at source. For this purpose he needs to obtain Tax Deduction Account Number(TAN) and quote it in the challan/Returns.
TAN is compulsory in case of companies/partnership firms and shud be obtained within a period of 30 days from the date of deduction of tax at source for the first time.
In case of individuals TDS shud be made only if the assessee is liable to Tax Audit u/s 44AB of the I-T Act. In such TDS needs to be made from teh eyar following the year in which the assessee is subjected to Tax Audit. He then shud obtain a TAN within a period of 30 days from the date of deduction of Tax at source for the first time.
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