Is TAN and TIN are same?
Number composition: TAN is a ten digit alpha-numeric number, which is assigned to entities that are responsible for collecting and deducting taxes. TIN, on the other hand, is an eleven digit registration number assigned to business enterprises and companies, for whom VAT is applicable.
What is difference between PAN and TAN number?
While TAN is a number allocated to tax-deductors, PAN or Permanent Account Number is allotted to taxpayers. PAN is also a 10-digit identity number that is mandated by the Income Tax Department for any individual who carries out financial transactions or pays the Income Tax.
What is difference between PAN and TIN?
Know the terms – PAN, TAN and TIN Permanent Account Number – A Permanent Account Number or PAN is a unique 10 digit alphanumeric code which is provided to every taxpayer or assessee in the country. A TIN is often called the VAT Number or Sales Tax Number and individuals should not confuse these terms.
What is TAN number used for?
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).
Is TAN and GST same?
GSTIN being a national concept is issued by the GSTN (GST Network) for all the businesses across India. PAN and TAN have 10 digits. TIN has 11 digits, while GSTIN has 15 digits. PAN is used as an identifier for financial transactions while TAN is used as an identifier for the collection of taxes.
Who needs TAN number?
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. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan and TDS/TCS certificates.
What is GST TIN number?
3. TIN- Taxpayer Identification Number. TIN is an 11-digit numeric code that was used by businesses that participated in transactions that attracted VAT (Value Added Tax). It is used to track tax Obligations and Payments they make to the Internal Revenue Service (IRS).
What’s the difference between a pan and a tan?
Key Difference: A PAN number is a number for anyone who pays income taxes or has financial transactions. TAN is required for any organization that deducts or collects tax at source. A TIN number is required by any dealer or trader who is expected to and does pay Value Added Tax (VAT). PAN stands for Permanent Account Number.
What’s the difference between tin and Pan in India?
TIN is irrespective of PAN and TAN. PAN and TAN are regulated by the Income Tax Department of the Indian Government, and are primarily used for the purposes of income tax and other associated functions, whereas TIN is regulated by the Commercial Tax Department and is associated with VAT and other direct taxes.
When do you need to use pan and tin?
In many of the cases, the PAN and TAN identification are must. In respect of filing tax in any financial year all these terms are very important. Let us look into the meanings and differences of TIN, TAN and PAN.
Where do Pan, Tan, and tin numbers come from?
Since PAN, TAN, and TIN are all tax-related identification numbers, they are issued by bodies involved with tax collection, processing and accounting. PAN and TAN numbers are both issued by the Income Tax Department. However, the assignment of PAN is usually under the supervision of the Central Board for Direct Taxes.