Every person who is required to deduct or collect tax at source on behalf of the Income-tax department needs to apply and obtain the 10-digit alphanumeric TAN.
Advantage of TAN Card Registration :
★Legal compliance: TAN card registration is mandatory for all persons who are required to deduct or collect tax at source. Obtaining a TAN card ensures that the person is compliant with the legal requirements of tax deduction and collection.
★Easy tax deduction and collection: TAN card registration makes it easy to deduct and collect tax at source. It eliminates the need for a separate tax deduction or collection account and streamlines the process of tax payment and compliance.
★Avoidance of penalties: Failure to obtain a TAN card or quoting an incorrect TAN can result in penalties and legal consequences. TAN card registration ensures that the person is compliant with the legal requirements and avoids penalties.
★Online access: TAN card registration provides online access to TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) details, making it easy to view and verify tax payments and compliance.