Difference between TIN, TAN & PAN for Corporate

These numbers, PAN, TAN and TIN are the important numbers mentioned in the documents which are submitted for many such reasons. They are for the filing of income tax return, deducting and collecting taxes, trading and so on. 

What is TIN (Tax Identification Number)? 

TIN is a unique number of 11 digits, which is issued by the different states commercial department of Tax and thus explained as follows: 

1. The businesses are issued with a unique identification number in order to track their transactions.
2. The business which is registered under the VAT are issued with this document
3. This is used when the services or the goods are sold between two or more states
4. This is also known as the modern method of collecting, monitoring, processing for direct taxes
5. All VAT transactions must be quoted by the TIN
6. Traders, exporters, dealers and manufacturers require a TIN
7. Address proof, ID proof, PAN card, passport size photographs, address proof of the business.
8. Collection proof and bank statements are the documents required for the TIN.

What is TAN or Tax Deduction and Collection Account Number?

TAN or the Tax Deduction and Collection Account Number, is a number that is 10 digits mixed alphabets and numbers and is available to those individuals who collect taxes under section 203A of the income tax act 1961.

TAN further defined as:

1. It is important for payments, Tds and Challans
2. If fails to apply for a TAN card, then he/she is liable to pay Rs 10000 
3. After the TAN has been obtained, TDS must be filed quarterly
4. Central or State Government, local authorities, company, branch of the company, businesses, firm, trusts, or any individual.

An person applying for the TAN can apply in both the modes online as well as offline, when a person apply online he must visit to the official website of NSDL and complete the application form and then the applicant will be provided with 14 digit acknowledgement number, this number along with the fee and the document should be submitted to NSDL office and for the offline process an applicant must go to nearby NSDL centre and submit the TAN application form all the relevant documents and the asked fee.

What is PAN?

The Permanent account number or the PAN is a 10 digit number mixed with alphabets and numbers that is issued to all the taxpayers and the non-taxpayers across the country, and it is further defined as follows;

1. The PAN is required for all the financial transactions
2. It also used as an identity proof
3. Also used for the income tax purpose
4. It is also used for buying the products, selling any kind of property, cars etc.
5. Any individual, NRI’S, Foreign entities, students, non taxpayers etc. are entitled to get PAN
6. A PAN card can be obtained by visiting the official website of NSDL by filing two application forms 49A that is for the Indian citizens and 49AA that is for the foreign nationals.  

TIN, TAN and PAN these all terms look the same, but are different people often gets confused, the PAN and TAN are issued by the Income tax department, but the TIN is issued by the Commercial tax department or different states, the TAN and PAN both are 10 digit numbers that consist of both numbers as well as alphabets but TIN is a 11 digit number code and the person who are responsible for deducting or collecting tax need to get TAN, and PAN is mandatory for every individual.

How Can Lead India help?

Lead India will help you in getting all TIN, TAN and PAN numbers also the taxation experts will guide you in filing ITR, TDS and help you in any tax related matters and disputes.