Difference between PAN, TAN and TIN in hindi
Income tax related complications always haunt the common man. It is difficult for the common man to understand their terminology. To understand the complexity of the issuance of standards on the new guidelines, it is necessary for us to understand the basic tools of income tax. While depositing tax in the Income Tax Department, we have to go through many types of words, the main among them are PAN, TAN and TIN.
Meaning of PAN, TAN and TIN (Full form of PAN, TAN and TIN )
pan (PAN Number) The full name of PAN card is Permanent Account Number and the main goal of PAN is to keep the financial interaction of common citizens healthy. PAN number is issued by the Income Tax Department. Permanent Account Number is a ten digit alphanumeric number. DVNT5432J is the alphanumeric number written in this way pan card number They say.
Permanent Account Number is not just a document related to income tax but also our financial identity. But do you know that careless use of PAN number can land you behind the bars of jail. Important information of pan card read for.
tan (TAN Number) – The full form of TAN is Tax Deduction and Collection Account Number or Tax Deduction Account Number or Tax Collection Account Number. It is a ten digit alphanumeric number issued by the Income Tax Department. TAN should be obtained by all those who pay Tax Deducted at Source (TDS) or are expected to collect Tax at Source (TCS). For receipt of TAN, information has to be filed in Form 49B and submitted to any Tax Informatics Facilitation Centre. Section 272(b) provides for penalty for failure to deposit TAN and section 272B(1A) provides for penalty for non-quoting of TAN. The penalty under section 272B is Rs.10,000. PAN cannot be used for TAN, hence the deductor has to obtain TAN only.
tin ,TIN Number) – Tax Invoice Number or TIN is an identification number consisting of 11 numbers. This is necessary for traders or businessmen and it is also necessary to have it for applying VAT. TIN number is legally valid and mandatory for doing business interstate. It is seen as VAT or sales tax number.
Difference between PAN, TAN and TIN
|issuance officer||Income tax department||Income tax department||Commercial tax department of the respective state|
|type of code||10 number alphanumeric code||10 number alphanumeric code||Numerical code of 11 numbers|
|purpose||This is the Universal Identification Number for any type of financial interaction.||tax is deducted at source||Marks actions related to VAT.|
|For whom||for all taxpayers||For all those who pay tax at source||For all merchants who pay VAT|
|under the law||Article 139, Income Tax Act 1961||Article 203A Income Tax Act 1961||under the law of each state|
|fine||10000 fine for not being in accordance with law||10000 fine for not being in accordance with law||according to state law|
|application form||49A for Indians
49AA for Foreigners
|49b||10000 fine for not being in accordance with law|
|Documents Required for Application||Valid ID proof, Permanent residence proof, Photograph, Age proof||Just nothing||Registration Certificate, PAN, Proprietor’s Identity Card etc.|
|application cost||Rs. 107 for Indians and 989 for foreigners||Rs. 55 plus service tax||according to state law|
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