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Video Source: www.youtube.com/watch?v=Lh4QEJ5_a5A
What is TAN Number? • TAN number is a specific number allotted for Deduction/ Collection of TDS and payment of same into Govt A/c by a person, who is making payment in relation to a business purpose/ transaction. The TAN No provides a unique Identification to Tax Deductor / Collector and help in the tracking of transactions, like payment of taxes and return filing. • • Why TAN No is required? • As per Mandate from Income Tax department, every business entity needs to deduct TDS (Tax Deduction at Sources), while making payment for certain business transactions, such as payment to Contractors/Sub-Contractor, or Professional for their services. After such deduction, such payment needs to be deposit in Govt. A/c through online banking or through challan to be deposited in specified Banks and, after that, a return also needs to be filed in this regards. • Simply TAN no is a must before anyone can proceed for a Tax deduction or payment. • Does every business entity need to take TAN No? • No, Only those business which needs to deduct TDS or Collect TDS need to apply for TAN No. • What happens if I take TAN No, even it was not required? • Taking TAN No is not a legal mistake, however, once you have taken the TAN no, you need to mandatorily file a quarterly return, even no tax has been collected by you. Hence it adds an additional compliance cost without any benefit. In fact, if you forget to file the return, you will end up paying 100 Rs late filing fee per day till the date of submission of returns. • It has been seen that much online company formation consulting firm offer free TAN No, without understanding the actual need of a client. That practice actually put an additional compliance burden on the client. • What are Compliances which need to be done after taking TAN no? • Payment of tax deducted/Collected:-The Total payment deducted by assessee need to be paid by 7th of Next Month in Govt. A/c • Filing of return:- After payment of taxes and Return of same should be uploaded for every Quarter before 30th of next month of the quarter ending • Dosto Pura Accountant ka course karne ke liye mere channel ko subscribe kare. Is me agar ap accountant banana chahte h ya fir accountant se account manager banana chahte ho to ye channel apke liye kafi mahtave puran hoga .kyoki me is channel me accounting entry se lekar balance sheet banana, cma data, sabhi parakar ke audit jese statutory audit, internal audit, cost audit etc • For Tally Course : https://www.youtube.com/playlist?list... • • For Income Tax update : https://www.youtube.com/playlist?list... • For GST update : https://www.youtube.com/playlist?list... • Facebook page : / a2zaccountin. . • Website : www.a2zaccountingschoo.com • Hello Friends, • A2z Accounting School youtube channel Subscribe for Practical Knowledge of Accounting, Taxation, Finance, Balance Sheet, CMA Data, GST Return, Income Tax Return, Statutory Audit, Tax Audit, Cost Audit with xbrl, Export-Import, DGFT, ROC form and return with xbrl, online Registration and Internet Net Banking etc.related topic. • • рдирдорд╕реНрдХрд╛рд░ рджреЛрд╕реНрддреЛрдВ, • A2z Accounting School рдпреВрдЯреНрдпреВрдм рдЪреИрдирд▓ рд╕рджрд╕реНрдпрддрд╛ рдХреЗ рд╡реНрдпрд╛рд╡рд╣рд╛рд░рд┐рдХ рдЬреНрдЮрд╛рди рдХреЗ рд▓рд┐рдП рд▓реЗрдЦрд╛рдВрдХрди, рдХрд░рд╛рдзрд╛рди, рд╡рд┐рддреНрдд, рдмреИрд▓реЗрдВрд╕ рд╢реАрдЯ, рд╕реАрдПрдордП рдбреЗрдЯрд╛, рдЬреАрдПрд╕рдЯреА рд░рд┐рдЯрд░реНрди, рдЖрдпрдХрд░ рд░рд┐рдЯрд░реНрди, рд╕рд╛рдВрд╡рд┐рдзрд┐рдХ рд▓реЗрдЦрд╛ рдкрд░реАрдХреНрд╖рд╛, рдХрд░ рд▓реЗрдЦрд╛ рдкрд░реАрдХреНрд╖рд╛, xbrl рдХреЗ рд╕рд╛рде рд▓рд╛рдЧрдд рд▓реЗрдЦрд╛ рдкрд░реАрдХреНрд╖рд╛, рдирд┐рд░реНрдпрд╛рдд-рдЖрдпрд╛рдд, DGFT, ROC рдлреЙрд░реНрдо рдФрд░ рд░рд┐рдЯрд░реНрди рдХреЗ рд╕рд╛рде xbrl, рдСрдирд▓рд╛рдЗрди рдкрдВрдЬреАрдХрд░рдг рдФрд░ рдЗрдВрдЯрд░рдиреЗрдЯ рдФрд░ рдиреЗрдЯ рдмреИрдВрдХрд┐рдВрдЧ рдЖрджрд┐ рд╕рдВрдмрдВрдзрд┐рдд рд╡рд┐рд╖рдпред
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