Tax Deduction and Collection Account Number: Who Qualifies and What You Get
Learn if you need a Tax Deduction and Collection Account Number to manage tax deductions for your property or business operations.
A Tax Deduction and Collection Account Number (TAN) is a unique identifier required for individuals or businesses responsible for deducting tax at the source.
Who it's for
This is specifically for property managers who are responsible for deducting tax on behalf of their landlords.
What you get
Having this number gives you the official authority to deduct tax from payments and deposit those funds with the government.
What it costs you
There is a nominal fee to obtain the number. To apply, you will need to provide your business Permanent Account Number (PAN).
The catch to know
If you are required to deduct tax but fail to obtain this number, you may face heavy penalties on your tax payments.
How to apply
- Ensure you have a valid business PAN ready.
- Visit the official government tax portal.
- Complete the registration process for a new TAN.
- Follow the prompts to submit your application and pay the required fee.