Do you know how PAN card is issued?

Income tax

The word PAN stands for Permanent Account Number (PAN) for tax payment purposes.  It is compulsory that a person who makes tax payment on his income must quote PAN under the Income Tax Act, 1961. The applicant for PAN may be Individual, HUF, Company, Firm, Association, Trust, Local authority etc. The Central Board of Direct…

Do you know how TAN card is issued?

Income tax

The word TAN stands for Tax Deduction Account Number (TAN) for depositing tax deducted at source(TDS). It is also known as Tax collection Account Number. Section 272 BB (1) IT Act imposes the penalty of Rs.10000/-, for not having obtained TAN, to a person who is responsible for  deduction tax at source. Further, as per section…