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What is difference between PAN No and TAN No
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Answer Posted / sherlock
permanent account no (pan) is an account no issued by income tax department of India to a person or company who have permanent source of income; for payment of taxes by a him regularly.
tax deduction account number(tan) is for paying tax for income from value added services which is irregular and temporary .
eg: if a person works in an office and having permanent job with salary above taxscale;he has to pay the tax through pan because he has a permanent income source!
another example, if a broker gets Ransome from a real estate deal as commission,he should pay the tax through tan because its a temporary source of income!
got it?
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