Many of us often get confused in PAN, TAN and TIN cards. In this episode, today we are going to tell you the difference between PAN, TAN and TIN card.
Apart from this, we will also know further about in which places they are used? These words often come to us during tax filing. In such a situation, it is very important to be aware of them, otherwise the person may have to face many problems in future. Let’s know about them –
TAN (Tax Deduction and collection account Number)
TAN number is issued by the Income Tax Department. It is a 10 digit alphanumeric code which is used to track TCS and TDS. TCS means tax collected at source. Whereas TDS refers to tax deducted at source. Using TAN is very important.
If you do not use it, your TDS payment may be rejected by the bank. With the help of Form 49B, you can apply for TAN either online or offline.
TIN (Tax identification Number)
This is an 11 digit identification number. It is used for interstate sales transactions. TIN number is assigned to the individual business owner or entity. The first two digits of the 11-digit tax identification number indicate the state. The TIN number has been made mandatory by the Ministry of Home Affairs.
PAN (Permanent Account Number)
Permanent Account Number is a 10 digit code. It is issued by the Income Tax Department. Often employed people have a special need for this. It is issued by the government to keep an eye on the giving and taking done by the cardholder.
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