We are manufacturer. and we have get two audits and not liable to deduct and tds form the party and person, so please tell me we should tak TAN no. and two audit which i heard. so please guide me thank
01 December 2012
actually i am in little bit suspense about that just suppose both audits and assignment but i want to know that we don't deduct any tds from party and our turnover is 1.5crore the we should take pan no.
01 December 2012
In case of an individual or HUF, liability to deduct TDS arises if they were liable to get their accounts audited in the previous year.
Tax Deduction and Collection Account Number (TAN) is a unique alpha-numeric identity provided by the Income Tax department to persons associated with deduction and collection of tax. You can acquire a TAN number even if you do not have a PAN card. Getting a TAN Number is important due to the following reasons: All persons who are responsible for deducting or collecting tax are required to obtain TAN. It would bring convenience in procedures involving tax deductions and collections You can deduct tax from various payment heads like salary, dividend and interest without applying for separate TAN numbers You don’t need a different TAN for TCS and TAN number can be used in challans and certificates connected with TDS and TCS.
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