Pan and Tan Essay

286 WordsApr 5, 20152 Pages
PERMANENT ACCOUNT NUMBER (PAN) All domestic Companies, Liaison / Branch / Project offices are required to obtain Permanent Account Number (PAN). They are required to quote the PAN in tax returns, correspondence with any income tax authority and tax payment / documents filed under the Act. PAN is required for Bank Account Opening, Importer Exporter Code, STPI, Custom Bonding, MVAT & CST, Profession Tax, Service tax, etc. UTI and NSDL are authorised to issue the PAN on behalf of the Income Tax Authority. Procedure for obtaining PAN: 1. Fill Form 49A 2. Enclose Certified copy of Certificate of Incorporation or Memorandum & Article of Association of the Company ( In case of Branch, Liaison office or Project office, a copy of RBI approval is required to be attached ) 3. Enclose Certified copy of Form 18 towards proof of place. TAX DEDUCTION ACCOUNT NUMBER (TAN) Every person required to withhold tax at source in accordance with the provisions of ITA, 1961 is required to apply to the tax officer for allotment of a TAN once the company is incorporated. Client can not deposit TDS with government authorities with out TAN. UTI and NSDL are authorised to issue the TAN on behalf of the Income Tax Authority. Procedure for obtaining TAN: 1. Form 49B 2. Enclose Certified copy of Certificate of Incorporation or Memorandum & Article of Association of the Company (In case of Branch, Liaison office or Project office, a copy of RBI approval is required to be attached) 3. Enclose Certified copy of Form 18 for identity proof of place Routine Compliances: The tax deducted at source is required to be deposited with the Central Govt (Payment can be made in specified banks) Every Company is required to file e-tds

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