Tax Deduction and Collection Number (TAN) is a compulsory 10-digit-alpha-numeric code which is vital to be obtained by everyone whose responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government. Basically, all proprietorship businesses must deduct tax at source while giving out salaries, paying contractors and sub-contractors, rents exceeding Rs.1,80,000 p.a. However, salaried individuals aren’t required to obtain TAN or TDS. Person responsible for TDS is required to deposit it to the credit of Central Government while mentioning the TAN number and that’s when the entity registered for TAN will issue a TDS Certificate as a proof of the collection of tax.
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