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Importance of TAN and PAN

As per the Income Tax Department, the assessee and Tax payee always known about important of PAN and TAN. Both are more Important while paying Tax Payment as Advance Tax, Self Assessment Tax, Submission of Annual Income Tax Return and many more, as such TAN is also very while filing of Quarterly Return, Form 26AS, Issuing TDS Certificates, Submission of Annual TDS Return and many more as well as all corrospondance with Income Tax Deartment.

  1. All computerization and Tax Information Network is based on unique numbers TAN and PAN as links.
  2. Returns and tax payments in the banks are linked up by using TAN and PAN.
  3. Non quoting/Wrong quoting of PAN of deductee in TDS quarterly returns/statements would result in deductee not getting the credit of tax deducted.
  4. Each branch/division of an entity will have a separate TAN though the PAN will be same for the entity. For e.g. SBI will have only one PAN but will have separate TAN for each branch
  5. Each branch/division is required to file separate quarterly TDS/TCS return/statement.

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