PAN card, TAN, and TIN numbers are all documents with various purposes. TAN, PAN, and TIN are acronyms for Tax Deduction and Collection Account Number, PAN, and Taxpayer Identification Number, respectively.
Important documents like PAN card, TAN, and TIN must be supplied for activities like submitting income tax returns, withholding or collecting taxes, trading, etc. A person is subject to punishment if they don't apply for a PAN card, TAN, or TIN number or don't follow the card-based rules.
In this article, we will discuss PAN card, TAN, and TIN numbers in-depth, as well as their distinctions and documents required to get PAN, TAN, and TIN.
What is a PAN Card?
All judicial entities recognizable under the Income Tax Act of 1961 are given the PAN, a unique identity card. A PAN Card is formally known as a Permanent Account Number Card. Anyone who applies will receive a ten-character alpha-numerical identification card from the Indian Income Tax Department. The PAN Card is a significant documentary proof that you utilize to establish your identity.
Who must have a PAN Card?
For a PAN card, one of the following may apply:
- those with taxable income
- people from abroad
- foreign actors
- Students who do not pay taxes
The process to get a PAN Card
Visit the NSDL or UTIITSL official websites to get a PAN card. There are two PAN application forms on each website. Form 49AA is for foreign nationals, whereas Form 49A is for Indian citizens. A person may also apply in person for a PAN card. They must log into the NSDL's official website and follow the instructions to finish the form.
Documents needed to get a PAN card?
- Copy of address proof:
- A passport, a visa issued by your nation, a PIO card issued by the Indian government
- OCI cards issued by the Indian government
- Account statements from the nation where you are currently residing
- Indian external bank account statements for non-residents
ID Verification:
Copy of passport, taxpayer identification card, or other document attested by Apostille or by an Indian embassy, high commissioner, or consulate located in your country of residence
OCI cards, which the govt. Of India issues
PIO card issued by the Indian government
What is the TAN number?
The Income Tax Department of India issues Tax Deduction and Collection Account Numbers, which are alphanumeric numbers of 10 digits.
As previously stated, under section 203A of the Income Tax Act of 1961, all TDS/TCS Returns must contain a reference to the TAN number given by the Income Tax Department.
Who needs to have a TAN Number?
- Authorities at the state, federal, and local levels
- Company Branches/Divisions of a Company Branches of individual companies
- Firm, group of people, or trust
- Individual/HUFs
The process of getting a TAN
Both online and offline applications for TANs are acceptable. To submit an online application, a candidate must first sign up for an account on the NSDL website and fill out the required fields. A 14-digit acknowledgement number will be sent to the applicant after submitting their application. The NSDL office must receive the acknowledgement number and any necessary documents and payment. To apply for a TAN number offline, you must submit a TAN application form, the necessary documentation, and a fee at an NSDL centre.
What is the TIN Number?
A nine-digit tracking number known as a Tax Identification Number (TIN) number is given to taxpayers and used to identify them.
Other non-tax-related uses for a TIN include:
- Opening a bank account.
- Applying for a loan.
- A job.
- Purchasing or renting property.
- Claiming government benefits.
Who needs a TIN?
The list of those that need TIN numbers is as follows:
- Traders
- Exporters
- Dealers
- Manufacturers
Documents Necessary for a TIN Number
- Identification proof
- PAN card for the business owner.
- Proof of residence.
- Proof of the commercial enterprise's address.
- Passport-size Photos of the owner
- Security or a reference.
- Certificate of business entity incorporation.
- In the case of firms registered under the Companies Act, articles of association and a memorandum of association are required.
How do I obtain a TIN Number?
A qualified corporate entity could register for a TIN number online with NSDL. You could accomplish it by following the directions on the website's TIN Number application form for the registration form.
After the taxpayer submitted the application form, they could see a unique 15-digit acknowledgement number on the NSDL dashboard.
This recognition number had to be printed, and the taxpayer had to save for it. He then had to sign and email the following to the NSDL:
- Validation of qualifying requirements
- Certificate of Due Diligence
- Payment of the application fee by demand draught or check payable to NSDL - ERI
- The qualified business entity was required to provide the documentation listed in the section below and the acknowledgement receipt.
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