PAN (Permanent Account Number) is a ten-digit alphanumeric identifier, issued by Income Tax Department. Each assessee or taxpayers or persons (e.g. individual, firm, company etc.) who are required to file a return of income, even on behalf of others, must have a PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also have a PAN. Applying for PAN is simple and a completely online process.
TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax at source on behalf of Income Tax Department. It is compulsory to quote TAN in all TDS/TCS returns (including e-TDS/TCS return), TDS/TCS payment challans and TDS/TCS certificates. Failure to apply for TAN or not quoting the same in the specified documents attracts a penalty of Rs. 10,000. Applying for TAN is simple and a completely online process.
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