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What is TAN Registration
TAN stands for Tax Deduction and Collection Account Number. It is a unique 10 digit alpha numeric number allotted by the Income Tax Department (ITD) of India. TAN number to be obtained by all persons who are responsible for deducting or collecting the tax.
Benefits of TAN Registration
- TAN is a unique number with lifetime validity.
- TAN is ultimately used for deductions such as salary, interest, and dividends. While depositing tax, the challan type 281 should be used and the 10 digit TAN number should be mentioned correctly along with the name and address of the diductor.
- As TDS certificates are issued by a person or entity which holds TAN, the tax payee has an opportunity to know how much tax has been paid by him.
- Similarly, the tax payee can use the TDS certificate as proof of tax paid in any type of grievance.
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