TAN, PAN

TAN – Tax Deduction and collection Account Number is a 10 digit alphanumeric number mandatory for all persons who are responsible Tax deduction and collection.Under Section 203A of the Income Tax Act, 1961, it is necessary to get  TAN provided by IncomeTax department for all TDS returns.

PAN – Permanent Account NUmber is a 10 digit alphanumeric number issued by the IncomeTax department which is required to conduct even the simplest form of financial transactions.  All Taxpayers are mandatory to have a PAN card for themselves.  PAN is also steadily becoming a mandatory document for opening a new bank account, a demat account, a new landline telephone connection / a mobile phone connection, purchase of foreign currency, bank deposits above Rs.50,000, purchase and sale of immovable properties, vehicles etc.,.