It is mandatory to quote PAN and TAN registration.
PAN And TAN
TAN-Tax Deduction Account Number or Tax Collection Account Number is a 10 -digit alpha-numeric number issued by the Income-tax Department. TAN is to be obtained by all persons who are responsible for deducting tax at source (TDS) or who are required to collect tax at source (TCS).
PAN-Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. – GST Suvidha centers can help you obtain TAN and PAN Registration with GST Suvidha centers’ Expert.
Why Is PAN Important?
PAN Card is important for taxpayers as it is necessary for all financial transactions and is used to track the inflow and outflow of your money. It is important when paying income tax, receiving tax refunds, and receiving communication from the Income Tax Department. The Indian Budget 2019 proposed that individuals who do not have a PAN can use their Aadhaar number to file returns and for any other purpose where PAN was earlier mandatory. This means that if you have not linked your PAN with Aadhaar yet, or do not have a PAN but have an Aadhaar, you don’t have to either link PAN and Aadhaar or apply for a new PAN. However, the rules about this are still in the process of creation/update/approval. That said, PAN continues to be necessary for a large number of monetary transactions. PAN Card also serves as a proof of identity.
The benefits of TAN
Tax Deposits :
When you’re depositing tax, you must quote TAN in documents. TAN is used for deductions such as salary, interest, or dividends. When depositing tax, you must undertake these steps:
Use Challan type 281 for the deposit of tax deducted or collected at source.
It is important to quote the correct 10-digit TAN, along with the name and address of the deductor on each challan used for depositing tax.
For indicating separate sections and the correct nature of payment code in relevant columns, you can use separate challans.
Unique Identification :
TAN is a unique identification number given to those who are deducting or collecting taxes at source, on behalf of the Income Tax Department, which makes every individual tax deductor or collector identifiable by his or her TAN.
Role of GST Suvidha Centers in TAN/PAN Services
While GST Suvidha Centers primarily focus on providing services related to the Goods and Services Tax (GST), they often offer additional services that can be beneficial for businesses and individuals. In some cases, GST Suvidha Centers may provide assistance with obtaining TAN and PAN numbers.
Services Offered by GST Suvidha Centers
- TAN Application Assistance: GST Suvidha Centers can help businesses and individuals fill out the TAN application form correctly and submit it to the Income Tax Department.
- PAN Application Assistance: They can also assist in filling out the PAN application form and submitting it to the Income Tax Department.
- Verification and Follow-up: GST Suvidha Centers may follow up with the Income Tax Department to ensure that the TAN or PAN application is processed efficiently.
Guidance on TDS Deductions: They can provide guidance on the rules and regulations related to TDS deductions, including the rates applicable to different types of income.
Benefits of Using a GST Suvidha Center for TAN/PAN Services
- Convenience: GST Suvidha Centers offer a one-stop shop for various tax-related services, including TAN and PAN applications. This can save time and effort for businesses and individuals.
- Expertise: The staff at GST Suvidha Centers may have knowledge and experience in dealing with the Income Tax Department, which can be helpful in ensuring that the application process is smooth and hassle-free.
- Reduced Errors: Using a GST Suvidha Center can help reduce the risk of errors in the application forms, which could lead to delays or rejection.
The TAN and PAN Application Process
The specific process for obtaining a TAN or PAN number may vary slightly, but generally involves the following steps:
- Gather Necessary Documents: Prepare the required documents, such as proof of identity, address, and business registration (if applicable).
- Fill Out Application Form: Complete the TAN or PAN application form accurately and provide all the necessary information.
- Submit Application: Submit the completed application form to the Income Tax Department either online or through a GST Suvidha Center.
- Verification and Approval: The Income Tax Department will verify the information provided in the application and process it.
Receive TAN/PAN: Once the application is approved, you will receive the TAN or PAN number
Additional Considerations
- Online Application: In many cases, it is possible to apply for a TAN or PAN online through the Income Tax Department’s website.
- Fees: There may be a nominal fee associated with obtaining a TAN or PAN.
Timeframe: The processing time for TAN and PAN applications may vary depending on the workload of the Income Tax Department.
Conclusion
While GST Suvidha Centers are primarily focused on GST-related services, they may also offer assistance with obtaining TAN and PAN numbers. By utilizing the services of a GST Suvidha Center, businesses and individuals can streamline the process of obtaining these essential identification numbers and ensure compliance with tax regulations.
FAQ'S
PAN & TAN
- Who can use the verify bulk PAN/TAN service?
The Verify Bulk PAN/TAN service is available to external agencies (government and non-government), including the Central Government, State Government Departments or undertakings, recognized autonomous bodies, RBI-approved Banks or Financial Institutions who register as an external agency on the e-Filing portal.
- If I am a private company/entity or an individual taxpayer, can I avail the Verify Bulk PAN/TAN service?
No. This service is only available to certain external agencies. In addition, those agencies need to be registered on the e-Filing portal as an external agency after providing additional proofs (e.g., signed requisition letter), and can use services available to external agencies post approval from DGIT (Systems).
What does the Verify Bulk PAN/TAN service allow agencies to do?
With the Verify Bulk PAN/TAN service, external agencies can:
- Upload bulk PAN/TAN query templates to verify PAN/TAN on the e-Filing portal
- View previous token details on the e-Filing portal
Can I upload Bulk PAN and TAN query at one go in the same file/template?
No. You need to select either type of query you want to upload at a time: Bulk PAN Query or Bulk TAN Query. There isn’t an option to do both at one go – You need to upload both templates separately under Bulk PAN Query and Bulk TAN Query.
- Can I upload a PDF/XML of Bulk PAN/TAN Query?
No. You need to download the separate templates for PAN and TAN respectively from the e-Filing portal (Login > Verify Bulk PAN/TAN > Download template). You need to use the template associated with each type of query – You cannot use any other file format. Fill in a maximum of 100 queries in the template, then click validate so that errors can be corrected (if any). Then, generate the JSON for uploading on the e-Filing portal.
- What is the maximum number of queries in one bulk verification file?
You can add a maximum of 100 queries in one bulk verification file.
- What are the types of responses provided by ITD in at the process of verifying bulk PAN/TAN query?
The details from the uploaded PAN/TAN query will be verified with the details in the CBN database, and recorded in a .csv file for every token. For PAN queries, the details verified are: PAN, First Name, Middle Name, Last Name, and DOB/Date of Incorporation, Gender, and Name of Organization (if applicable). For TAN queries, the details verified are: TAN, First Name, Middle Name, Last Name, Name of Organisation, and Organisation PAN.
The response is a Yes/No value against every detail (Name, gender, etc.) indicating whether it matches with the database. For example, if the PAN/TAN entered by the agency in the query matches with the PAN/TAN master, the value will display “Yes”. If there is no match with the PAN database, you will get the message “PAN does not exist.” Similarly, if the first name, date of birth, or other details like organization name do not match, there will be a “No” output response against that detail.
- Is there a daily limit to the number of PAN/TAN verifications on the e-Filing portal?
No, there is no daily limit. You can upload up to 100 PAN/TAN queries at once, and then upload another 100 after that, and so on.
- For how much time is the verify bulk PAN/TAN service valid once registered as an external agency?
Once registered on the e-Filing portal, the verify bulk PAN/TAN service is valid for as long as the registration as an external agency is valid.
