This is a partnership firm. when should we apply for TAN no ?
Can anyone tell me ?
regards
John
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When should a partnership firm apply for tan
Replies (4)
Within one month from the end of the month in which tax was deducted.
.
- Rule 114A of the Income-tax Rules, 1962.
Hello,
Persons who are liable to deduct TDS must apply for allotment of ‘TAX DEDUCTION AND COLLECTION ACCOUNT NUMBER’ (TAN) in form No. 49B within one month from the end of the month in which tax was deducted. TAN is mandatory to mention on all transaction related to TDS like TDS certificate, TDS Returns and other related documents. There is penalty of Rs. 10,000 on failure to apply TAN.
For any queries regarding TAN number, the assessee shall contact the TIN SUPPORT DESK at 022-24994650 or at tininfo @ nsdl.co.in
A Partnership firm failed to apply for TAN Number and had paid the rent of Rs. 80000/- per month (including TDS) to the Rentlord for his shop for first 8months of its incorporation.
Is it liable for any panenlty and how much.
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