Every tax deductor is under the obligation to obtain a Tax Deduction Account Number (TAN) from the designated Income-tax Authority. The procedure is as under.
- The application for allotment of TAN is required to be made in Form 49B (in duplicate) within one month from the end of the month in which tax is deducted for the first time.
- For all tax Deductors (corporate and non-corporate), TAN application in From 49B is to be submitted at any of the TIN-FCs managed by NSDL.NSDL will intimate the new TAN to the applicant after its allotment by the Income Tax Department.
- After allotment of TAN the deductor will have to quote the same on all the challans. TDS certificates, TDS return, correspondence etc.
- Allotment of TAN is with reference to a specific tax deductor. Once TAN is allotted, same TAN is required to be quoted for every type of tax deduction by the same tax deductor.
- Two TAN if available with a deductor then one TAN has to be surrendered
- If tax deductions are made by various units and branches of the assessee, it is an option to assessee, it can obtain separate TAN for each unit or can pay through single TAN.
- PENALTY If person fails to apply for TAN in for no 49B within prescribed time or fails to quotes the TAN on challans, certificate returns etc then he is liable for penalty of Rs 10000/-
- For intentionally quoting of false TAN the deductor will be liable for penalty of Rs. 10000/-
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