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TAN — Tax Deduction and Collection Account Number — is a 10-digit alphanumeric code provided by the Income Tax Department. It is meant for those who deduct tax at source or collect tax at source.
TAN must be mentioned in all TCS or TDS transactions, including e-TCS/TDS returns, TDS/TCS payment challan, and TDS/TCS certificates. PAN number cannot be a substitute for TAN. Failure to apply for TAN or mention it in the specified documents attracts a penalty of ₹10,000.
- Also read: Know how to check TAN details
The first three letters in a TAN represent the jurisdiction where it is issued, while the fourth letter is the initial of the entity or individual holding the TAN. The following five numerals and the last letter are generated by the system.
Those applying for a TAN must submit Form 49B (online or offline). The processing fee is ₹65.
- Also read: How to surrender duplicate PAN
Meanwhile, the Income Tax Department has made it mandatory to link PAN and Aadhaar card. The deadline for linking has been extended to June 30, 2023.
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