PAN (Permanent Account Number)

PAN is a 10-digit alphanumeric code issued to individuals and businesses by the Income Tax Department.
Applicable for individuals, HUFs, Partnerships. LLPs, companies, and trusts.

Team Working

Documents required for PAN

  • Identity Proof (Aadhar, Voter ID).
  • Address Proof (Utility Bills, Passport).
  • Date of Birth Proof.

TAN (Tax Deduction and Collection Account Number)

TAN is a 10-digit alphanumeric code required for entities deducting or collecting tax at source (TDS/TCS).

Purpose

  • Mandatory for TDS/TCS deductions and deposits.
  • Required for filing TDS returns and issuing TDS certificates.
  • Ensures compliance with tax regulations.
  • For TDS on Payment made to Non- Residents.

Time Limit- PAN & TAN is issued within 7–10 days.

Team Working

Documents required For TAN

  • PAN of the business owner.
  • Address proof of the business premises.

Common Mistakes to Avoid

  1. Incorrect Details: Ensure data accuracy to avoid rejection.
  2. Missing Documents: Provide all mandatory proofs to prevent delays.
  3. Non-Compliance: Timely renewal and updates are necessary to maintain validity.