Income Tax
TAN (Tax Deduction Account Number) — Meaning
10-character number required by entities that deduct or collect tax at source (TDS/TCS).
What is TAN (Tax Deduction Account Number)?
Tax Deduction and Collection Account Number (TAN) is a 10-character alphanumeric number required under Section 203A of the Income Tax Act by any person responsible for deducting tax at source (TDS) or collecting tax at source (TCS). Employers deducting TDS on salary, businesses making payments to contractors, and property buyers deducting TDS must have a TAN. TDS challans and TDS returns (Form 24Q, 26Q, 27Q) are filed using TAN.
More Income Tax terms
ITR (Income Tax Return)
Annual declaration filed with India's Income Tax Department reporting income, deductions and tax paid.
AY (Assessment Year)
The year in which income earned in the previous financial year is assessed and taxed.
FY (Financial Year)
The 12-month period from April 1 to March 31 during which income is earned and recorded.
PAN (Permanent Account Number)
Unique 10-character alphanumeric identifier issued by the Income Tax Department to every taxpayer.
TDS (Tax Deducted at Source)
Tax deducted from payments by the payer and deposited with the government on behalf of the payee.
