Tax is something that affects everyone directly and indirectly. Understanding tax rules is not easy for everyone. The terminology of tax is also very different which confuses people. It’s difficult to go through the tax filing process without encountering language you don’t understand. PAN, TAN, and TIN are some of the most popular words that you may come across at the time of tax filing but you do not know the exact meaning. So let us explain to you the difference between the three today.
what is pan
Permanent Account Number i.e. Permanent Account Number…. It is a ten digit code made up of letters and numbers which is issued to anyone who applies for it. It is issued by the government to keep track of all the transactions done by the cardholder. In short, PAN is a number which is used to keep track of all the transactions done by an individual, business or any other tax-paying entity.
what is tan
Income Tax Department issues a 10-digit alphanumeric code called TAN, which is used to track Tax Collected at Source (TCS) and Tax Deducted at Source (TDS) (TDS). In documents related to TCS or TDS The provision of TAN is required for the deductors. If you neglect to include TAN, banks may reject your TDS payment and return Form 49B can be used to apply for TAN online or offline.
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what is tin
A TIN number is assigned to any individual business owner or entity that has registered for Value Added Tax (VAT). It is also used for interstate sales transactions and facilitates tracking of multiple VAT payments. It consists of 11 digits.
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