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TAN Number is a 10 Digit Alphanumeric Number short for Tax derivation and accumulation Account Number. Each Assessee at risk to deduct TDS is required to apply for TAN No. what's more, might quote this number in all TDS Returns,TDS Payments and whatever other interchanges in regards to TDS with Income Tax Department.
All the assessees why should obligated deduct charge should obligatorily cite this number on every one of the correspondences with Income charge Department in regards to TDS generally a substantial punishment of up to 10,000 might be attracted.TDS Returns and Payments would not be gotten by the Banks if TAN No. is not cited.
Legitimate Raasta can offer you some assistance with obtaining your TAN enrollment rapidly
Features of TAN
Individuals who are salaried are not required to deduct tax at source. However, Individuals who run a proprietorship business are required to deduct tax at source. All other entities like LLP, Private Limited Company, Limited Company, Trust, Society, etc., are required to obtain TAN and deduct tax at source..
To obtain TAN, an application must be made in Form 49B at any of the authorized TAN Facilitation Center.
Tax deduction at source happens at different rates based on the transaction. TDS rate for salary is determined based on the employees’ salary and tax payable by the employee. The tax rate varies depending on the type of transaction. A rate of 10% is applicable for deducting TDS on rent of land, building or furniture if rent fir entire year exceeds 1,80,000. See a complete list of TDS rates.(Source- http://www.incometaxindia.gov.in/charts%20%20tables/tds%20rates.htm):
Section For Payment of On Payments Exceeding Individual/HUF Others
193 Interest on Debentures Rs. 5000/- 10% 10%
194 Deemed Dividend No Minimum 10% 10%
194 A Interest other than on securities by banks Rs. 10000/- 10% 10%
194 A Interest other than on securities by others Rs. 5000/- 10% 10%
194 B Winnings from Lotteries / Puzzle / Game Rs. 10000/- 30% 30%
194 BB Winnings from Horse Race Rs. 5000/- 30% 30%
194 C(1) Payment to Contractors Rs. 30000/- for single payment, Rs. 75000/- for aggregate payment during Financial Year 1% 2%
194 C(2) Payment to Sub-Contractors / for Advertisements
194 D Payment of Insurance Commission Rs. 20000/- 10% 10%
194 EE Payment of NSS Deposits Rs. 2500/- 20% NA
194 F Repurchase of units by Mutual Funds / UTI Rs. 1000/- 20% 20%
194 G Commission on Sale of Lottery tickets Rs. 1000/- 10% 10%
194 H Commission or Brokerage Rs. 5000/- 10% 10%
194 I Rent of Land, Building or Furniture Rs. 180000/- 10% 10%
Rent of Plant & Machinery Rs. 180000/- 2% 2%
194 IA Transfer of Immovable Property (w.e.f. 01.06.2013) Rs. 50 Lacs/- 1% 1%
194 J Professional / technical services, royalty Rs. 30000/- 10% 10%
194 J(1) Remuneration / commission to director of the company – 10% 10%
194 J(BA) Any remuneration / fees / commission paid to a director of a company, other than those on which tax is deductible u/s 192. – 10% 10%
194 L Compensation on acquisition of Capital Asset Rs. 100000/- 10% 10%
194 LA Compensation on acquisition of certain immovable property Rs. 200000/- 10% 10%
15th of every July, October, January, and May are the due dates for filing quarterly TDS return. Any delay in furnishing your return will result in a penalty of Rs 200 per day not exceeding the total amount of TDS for the quarter.