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A Tax Deduction and Collection Account Number (TAN) is a 10-digit alphanumeric number assigned to individuals to deduct or collect tax on payments they make. All TDS/TCS returns, TDS/TCS payment challans, and TDS/TCS Certificates use this number. A TAN is valid for the rest of one's life and does not need to be renewed.
All persons who are responsible for Tax Deduction at Source (TDS) or Tax Collected at Source (TCS) on behalf of the government must get a TAN. TDS allows a person (deductor) who is required to make a payment to another person (deductee) to subtract tax at the source, and transfer the remaining amount to the deductee. On the other hand, TCS is an indirect tax that a seller collects from a customer when the latter makes a transaction.
TDS ensures that the government's tax collection is proponed and that the burden of tax payment is distributed. Individuals who deduct tax at source are required to pay tax to the credit of the Central Government, referencing the TAN Number.
A proprietorship firm, a Private Limited Company, LLP, etc., must deduct tax at source when making certain payments, such as salaries, payments to contractors or subcontractors, payments of rent above Rs.1,80,000 per year, and so on. The TAN-registered entity will produce a TDS Certificate as confirmation of tax collection after deducting tax at the source.
All TDS returns must include the TAN assigned by the Income Tax Department under the Income Tax Act, 1961.
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