I have a small business where turn over 50 lakh but I am in loss so I go for tax weather I have to APPLY FOR TAN NO
Please confirm
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TAN NO APPLY OR NOT
Replies (11)
No, TAN no. not required till your turnover crosses 1 Cr. in any FY.
If your business entity coming under tax audit & if you filled your return under tax audit then you can apply for tan till not cumpolsary.
I go for tax audit In f.y. 2023-24 then not required TAN IN F.Y.2024-25
Your turnover doesn't cross the threshold limit for tax audit but if you still want to do you can.
What was your turnover in FY 2023-24?
50 lakh then wether I have to APPLY FOR TAN IN THIS YEAR
No. But why the accounts were audited?
Under which section?
Due to loss in business and I am not going to presumptive taxation
It means your books of accounts were audited u/s. 44AB(e) IT act.
Even if your business is in a loss, you need a TAN if you are required to deduct TDS on payments like salaries or contractor fees. It’s not about your profit or loss but about compliance with tax regulations. Consider consulting a tax advisor for specifics.
Yes account will audit in 44ab
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