Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

TAN NO APPLY OR NOT

nitinjain (accountant) (407 Points)

07 August 2024

I have a small business where turn over 50 lakh but I am in loss so I go for tax weather I have to APPLY FOR TAN NO

Please confirm

Reply
Follow
Share

11 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 07 August 2024

No, TAN no. not required till your turnover crosses 1 Cr. in any FY.

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

NARENDRA (ACCOUNTS MANAGER) (1994 Points)
Replied 07 August 2024

If your business entity coming under tax audit & if you filled your return under tax audit then you can apply for tan till not cumpolsary.

1 Like

nitinjain (accountant) (407 Points)
Replied 07 August 2024

I go for tax audit In f.y. 2023-24 then not required TAN IN F.Y.2024-25

NARENDRA (ACCOUNTS MANAGER) (1994 Points)
Replied 07 August 2024

Your turnover doesn't cross the threshold limit for tax audit but if you still want to do you can.

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 07 August 2024

What was your turnover in FY 2023-24?

Upgrade to CAclubindia Pro. Subscribe Now!

nitinjain (accountant) (407 Points)
Replied 07 August 2024

50 lakh then wether I have to APPLY FOR TAN IN THIS YEAR

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 07 August 2024

No. But why the accounts were audited?

Under which section?

nitinjain (accountant) (407 Points)
Replied 08 August 2024

Due to loss in business and I am not going to presumptive taxation

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 08 August 2024

It means your books of accounts were audited u/s. 44AB(e) IT act.

rosshaden (CA) (22 Points)
Replied 08 August 2024

Even if your business is in a loss, you need a TAN if you are required to deduct TDS on payments like salaries or contractor fees. It’s not about your profit or loss but about compliance with tax regulations. Consider consulting a tax advisor for specifics.