PAN is a Ten- Digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department.
It's mandatory to quote PAN on return of income, on challans for any payments due to Income Tax Department, on all documents pertaining to all financial transactions notified from time to time.
Following persons are necessary required to obtain PAN:
If his total income or total income of any other individual in respect of which he is assessable under this act during any previous year exceeded the maximum amount which is not chargeable to income tax; or
If he is carrying on any business or profession whose total sales, turnover or gross receipts are or s likely to exceed s. 5,00,000 in any previous year; or
He is required to furnish a return of income under section 139(4A), i.e., return of trust and charitable ins institutions; or
If he, being an employer, is required to furnish a return of fringe benefit under section 115WD.
An Assessing Officer may also allot to any other person by whom tax is payable, a PAN
Any person, not falling under the above two clauses, may apply to the Assessing Officer for the allotment of a PAN and, thereupon, the Assessing Officer shall not allot s PAN to such person forthwith.
We provide our clients with the facility of obtaining PAN for them while they relax in their home/office by simply providing the necessary information for filling the requisite form.
TAN is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax.
All those persons who are required to deduct tax at source or collect tax at source on Behalf of Income Tax Department are required to apply for and obtain tan.
TAN is required to be quoted in all TDS/TCS returns, all TDS/TCS payment challans and all TDS/TCS certificates to be issued. TDS/TCS returns will not be received if TAN is not quoted with challans for TDS/TCS payments will not be accepted by banks. Failure to apply for TAN or not quoting the same in the specified documents attracts a penalty of Rs 10,000/-.
We provide our clients with the facility of obtaining TAN for them while they relax in their home/office by simply providing the necessary information for filling the requisite form.