TAN Registration and Portal Setup Ensure that the TAN is valid and registered with the Income Tax e-filing portal. Create a user profile on the TRACES portal using the TAN for accessing TDS tools and services. Update contact details and authorized signatory...
Organize TAN Registration and Profile Documents Keep a copy of the TAN allotment letter, TAN acknowledgment, and any TAN correction requests. Maintain updated information about the authorized signatory, PAN linkage, and jurisdiction details. Ensure that TAN is...
Mandatory for TDS Deduction on Contractor Payments Government departments and public sector undertakings are required to deduct TDS on payments made to contractors, suppliers, consultants, and service providers. Quoting TAN is mandatory while depositing this tax and...
No Fixed Periodic Update Requirement TAN (Tax Deduction and Collection Account Number) is valid for life and does not require routine renewal or periodic updates. However, updates must be made immediately when there are changes in key details such as name, address,...
Monthly TDS/TCS Payment Deadlines TDS and TCS deducted in a month must be deposited by the 7th of the following month. For deductions in March, the due date is April 30 for government deductors and April 30 or earlier for non-government deductors depending on type....
Quote the Correct TAN in All Transactions Always quote the valid and active TAN in all TDS/TCS-related payments, challans (Challan 281), and returns. Double-check the TAN for spelling or character errors, especially when entered in accounting software, online payment...
Digital Confirmation of TAN Validity E-verification of TAN is the process of electronically validating the existence, correctness, and ownership of a TAN (Tax Deduction and Collection Account Number). It confirms whether the TAN is active, linked to the correct PAN,...
Prepare Detailed TDS/TCS Records Begin by compiling all data related to TDS/TCS transactions carried out under your TAN for the reporting period. This includes: Deductee/vendor details and PANs Nature of payments (e.g., salary, rent, professional fees) Section-wise...
Review the Penalty Notice Carefully Begin by examining the penalty notice received under Section 272BB (failure to obtain or quote TAN) or Section 271H (late or incorrect TDS return filing). Verify the TAN mentioned, nature of default, assessment year, and reason for...
Verify TAN Allotment Letter Begin by cross-checking the official TAN allotment letter issued by the Income Tax Department. Ensure the TAN matches your entity name, PAN, and jurisdiction as mentioned in the letter. This document serves as the primary source of truth...