TAX INFORMATION NETWORK - FACILITATION CENTRE ( TIN-FC )
WHAT IS PAN?
REQUIREMENT FOR PAN?
- Purchase of Motor Vehicle
- JForeign Travel
- Opening a Demat Account
- Trading in Securities
- Sale & Purchase of Immovable Property
- Cash deposit of INR 50,000 and above
- Application in IPO
- Investment in Mutual Funds INR 50,000 and above
- Time deposit exceeding INR 50,000 with a Bank or Post Office
- Cash payment exceeding Rs 25000 in connection with travel to any foreign country
- Payment to hotels & restaurants against bills exceeding Rs 25000 at any one time
- Application for installation of telephone, including cellular telephone
WHAT IS TAN?
TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax.
Under Section 203A of the Income Tax Act, 1961, it is mandatory to quote Tax Deduction Account Number (TAN) allotted by the Income Tax Department (ITD) on all TDS returns.
Since last few years ITD has revised the structure of TAN. It is a unique 10 digit alphanumeric code. Accordingly, they have issued TAN in this new format to all existing TAN holders.
To facilitate deductors find their new TAN, ITD has now introduced a search facility in their website (www.incometaxindia.gov.in). Through this facility deductors can search on their name and old TAN to find the new TAN. Deductors are advised to find the new TAN from this site before it is incorporated in their e-TDS return file to avoid any inconvenience at the time of furnishing e-TDS return.
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WHAT IS E-TDS?
Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposit the same at any of the designated branches of banks authorised to collect taxes on behalf of Government of India. They should also furnish TDS returns containing details of deductee(s) and challan details relating to deposit of tax to ITD.
As a part of automation of collection, compilation and processing of TDS returns ITD has notified an "Electronic Filing of Returns of Tax Deducted at Source Scheme, 2003". It is applicable to all deductors furnishing their TDS return in electronic form. As per this scheme:
It is mandatory (w.e.f. June 1, 2003) for corporate deductors to furnish their TDS returns in electronic form (e-TDS return).
Deductors (other than government and corporates) may file TDS return in electronic or physical form.
From F.Y. 2004-2005 onwards furnishing TDS returns in electronic form is also mandatory for government deductors in addition to corporate deductors.
NSDL e-Governance Infrastructure Limited (NSDL) as the e- TDS Intermediary (appointed by ITD) receives, on behalf of ITD, the e-TDS returns from the deductors
Deductors can submit e-TDS returns through TIN-Facilitation Centres (TIN-FC) established by NSDL or directly upload through NSDL web-site.
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