What is TAN?
Tax Deduction and Collection Account Number (TAN) is a 10 digit alphanumeric number issued to persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961.
What is the amount of penalty in case of failure to apply for TAN or not quoting it?
It attracts a penalty of Rs. 10000 in case of any violation of rules
Will TDS/TCS return be accepted without TAN?
TDS/TCS returns will not be accepted if TAN is not quoted and challans for TDS/TCS payments will not be accepted by banks.
Who should own TAN?
Every individual/entity who has to deduct or collect tax at source.