TAN is a ten-digit alphanumeric identification code just like PAN. However, it is assigned to those bodies who are liable to deduct or collect tax at source. TAN stands for Tax deduction and collection Account Number. While filing TDS/TCS returns,TAN number is mandatory.
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How is TAN different from PAN?
TAN and PAN are both issued by the Income Tax Department for different purposes. While PAN is required for financial transaction that are within the tax ambit, TAN is specifically issued for tax deduction and collection at source. Every individual ...
TCS
TCS is Tax Collected at Source deducted by the seller of specified goods from the buyers. TAN(Tax Deduction and Collection Account number) = It is written on your Form 16 or 26 AS. Amount Paid and total tax collected is written on your form 16 or 26 ...
TDS
TDS means any tax is deducted on your income/ receipts. You can find these details in Form 26AS. By uploading Form 26AS these data will be automatically filled up. TAN(Tax deduction and Collection account number)= You will get this at the form 16 or ...
How can I claim deduction on capital expenses incurred during business?
The Income tax Act allows you to claim depreciation on your movable tangible and intangible assets. The rates of depreciation are different for different assets as specified in the Act.