A PAN (Permanent Account Number) is a 10-digit alphanumeric number which is alloted by the Income Tax Department to all the taxpayers, and is unique for each taxpayer. Using the PAN, all information related to tax for a person is recorded against a single PAN number allotted specifically to that taxpayer which acts as the primary & basic key for maintenance and retrieval of information.
The PAN number is issued in the format like:
AAB P S 8791 R and a PAN card looks like the following:
All persons who are responsible for deducting or collecting tax at source are required to obtain a unique 10-digit alphanumeric number, known as the TAN (Tax Deduction and Collection Account Number).
Persons liable to apply for TAN
As discussed above, every person liable to deduct tax at source or collect tax at source is required to obtain TAN. However, a person required to deduct tax under section 194-IB or section 194M shall not be required to obtain tax deduction account number (TAN).
It is mandatory to quote TAN in the following documents:
Tan allotment application doesn’t require any documents in specific however if online application is chosen the acknowledgement form needs to be downloaded, signed and forwarded to NSDL through post.
After the applicant has successfully submitted the TAN application, the status of the application can be viewed after three days using the 14-digit acknowledgement number.
Goods and service tax is an indirect form of tax levied on most goods and services. It Is ultimately paid by the customer which is remitted to the government by the sellers of goods and services.
In case of Supply of Goods: Businesses whose turnover exceeds Rs. 40 lakhs *(Rs 10 lakhs for some states) are required to obtain GST registration
In case of Supply of Services: Turnover limit is Rs 20 lakh, and in case of special category States, Rs 10 lakh.
MSME stands for Micro, Small & Medium Enterprises. It is applicable for all the applicants who fall under either one of the below categories:
|Manufacturing||< Rs.25 lakh||< Rs.5 crore||< Rs.10 crore|
|Services||< Rs.10 lakh||< Rs.2 crore||< Rs.5 crore|
Importer -Exporter Code (IEC) is a 10 digit identification number that is issued by the DGFT (Director General of Foreign Trade), Department of Commerce, Government of India.
Companies and businesses who wish to start a business that deals with import and export in the Indian Territory.
Any of the following are eligible to apply for an IEC Code: