PAN / TAN Registration
PAN refers to the Permanent Account Number. It is the primary way to prevent tax avoidance by keeping a complete track of economic transactions. TAN refers to the Tax deduction Account Number. It is nothing but a 10 character alphanumeric identifier. TAN number is issued for a lifetime; it needs no renewel.TAN Number is required at time of TDS payment, TDS returns.
Importance of TAN number
Tan becomes necessary for all those who pay taxes on the source of their income, it is necessary for all those who pay for claiming the deduction in income tax returns. No documents are required to apply for this. On failure to apply TAN the penalty will be ₹ 10,000.
Application for applying new PAN Card or making Corrections in PAN Data
Those who have already obtained the PAN and they wish to obtain the new PAN card or want to do some changes in their PAN data, are required to submit their applications for PAN correction.