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What is TAN Registration?
All you need to know
TAN i.e. Tax Deduction and Collection Account Number is a 10 digit alphanumeric number, e.g. DELM12345L, required to be obtained by all persons who are responsible for deducting tax at source or collecting tax at source. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan, TDS/TCS certificates, Annual Information Return and other documents as may be prescribed. There are two modes for applying for TAN- Offline and online.You may get in touch with our compliance manager on 09704561215or email info@Thinkbizfilings.com for Free Consultation.
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Choose Your Package
Our Pricing
ESSENTIAL
- TAN Application
Our Pricing
ENHANCED
- TAN Application
- One TDS Return upto 10 entries
- Issue of Form 16A
Our Pricing
ULTIMATE
- TAN Application
- TDS Returns for one year upto 100 entries
- Form 24Q, 26Q and 27Q (as applicable)
- Form 16A on a quarterly basis
- Form 16 on an annual basis for upto 5 employees
Compliance Requirements for a Partnership Firm
Partnership firms must file annual tax returns. The due date is 31st July for non-audit cases and 30th September for audited firms. Timely filing ensures compliance, avoids penalties, and maintains legal standing.
Partnership firms must register for GST if turnover exceeds the prescribed threshold. Regular GST return filing is mandatory to ensure compliance, avoid penalties, and maintain smooth business operations under GST laws.
Partnership firms must deduct and deposit Tax Deducted at Source (TDS) if liable under the Income Tax Act. Timely filing of TDS returns ensures compliance, avoids penalties, and maintains smooth financial operations.
firms must maintain proper books of accounts reflecting an accurate and fair view of financial affairs. Each partner’s capital, withdrawals and profit share should be recorded separately to ensure transparency
Required for partnership firms if business turnover exceeds ₹1 Cr or professional receipts surpass ₹50 Lakh under Section 44AB, ensuring regulatory compliance and accurate financial reporting.
Partnerships must file updates on any changes in firm structure, such as partner additions, removals, or modifications to the partnership deed, ensuring legal compliance and transparency.
Documents Required for Partnership Firms
Key Benefits of a Partnership Firm
Points to make your decision easy
Partnership firms have a straightforward registration process with minimal legal formalities, making them easy and cost-effective to establish.
Partnership firms avoid double taxation, as profits are taxed only at the firm’s level and not again in the hands of partners, ensuring tax efficiency.
Partnership have fewer regulatory requirements and legal formalities compared to corporations, reducing administrative burdens and operational costs.
Partnership firms enable quick decisions without extensive regulatory approvals, allowing for agile business operations and faster implementation of strategies.
Partners can distribute profits as per the agreed ratio in the partnership deed, allowing flexibility and mutual benefit in financial management.
Partnership firms have no minimum capital requirement and can be registered even with Rs. 10,000 as total capital, providing flexibility in business setup.
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Get answers to all your queries
- TAN (Tax Deduction and Collection Account Number) is a 10-digit alphanumeric code issued by the Income Tax Department for entities required to deduct or collect tax at source (TDS/TCS).
- ny individual, company, or entity that deducts TDS (Tax Deducted at Source) or collects TCS (Tax Collected at Source) must obtain a TAN.
- Apply online through the TIN-NSDL portal (www.tin-nsdl.com) or offline by submitting Form 49B at a TIN-Facilitation Center.
- Yes, TAN is for TDS/TCS deductions, while PAN is for income tax filings.
- No, a person/entity should have only one TAN for all TDS/TCS-related activities.
- No documents are required. You just need to fill Form 49B with valid details.
- Generally, 7-10 working days after submitting the application.
- ₹65 (₹55 + 18% GST) for both online and offline applications.
- Track the status on the NSDL website using the acknowledgment number.
- Don’t worry!! Our expert will help you to choose the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@thinkbizfiling.com or call us @+91 970 456 1215
