Non-resident Indians may need to file an income tax return if their income in India exceeds a certain threshold. The specific requirements will depend on your residency status and the type of income you have.
If you have earned income from part-time jobs or internships, you may need to file an income tax return. You may be eligible for certain deductions or exemptions based on your student status.
Senior citizens may be eligible for certain tax exemptions and deductions. You will need to provide proof of your age and other relevant documents.
Startups may be eligible for various tax incentives and deductions. You will need to consult with a tax professional to understand the specific rules and regulations applicable to your startup.
If you have foreign income, you may need to report it in your income tax return and pay taxes on it according to the applicable tax treaties.
Freelancers and self-employed individuals will need to report their income and expenses using the appropriate forms and schedules. They may need to maintain detailed records of their income and expenses.
You will need to report your rental income and deduct expenses such as property tax, maintenance costs, and interest on a home loan. If the rental property is a self-occupied property, you may be eligible for a deduction under Section 80(i) of the Income Tax Act.
If you have capital gains from the sale of investments, you will need to report them in your income tax return. You may be eligible for long-term capital gains tax or short-term capital gains tax, depending on the holding period of the investment.
You can claim a deduction for the interest paid on your home loan under Section 24 of the Income Tax Act. You will need to provide proof of the loan and interest payments.
If you have multiple employers, you will receive separate Form 16s from each employer. You can combine the income and deductions from all Form 16s and report them on a single income tax return.
ITR-1 is a simpler form for individuals with income from salary, house property, and other sources, while ITR-2 is for individuals with capital gains or income from business or profession.
Yes, you can claim a refund of excess tax paid through the e-filing portal.
Filing a false or incorrect return can result in penalties, interest, and in some cases, legal action.
Yes, many income tax e-filing portals offer mobile apps that allow you to file your return on the go.
If you receive a notice from the tax authorities, you should respond promptly and provide the required information or documentation.
Common mistakes include forgetting to claim deductions, errors in calculations, and not verifying the return before submitting it.
Yes, you can consult a tax professional for assistance in preparing and filing your income tax return.
Agricultural income is generally exempt from tax, but you may need to report it if you have other sources of income.
Capital gains from the sale of assets like property or shares are generally taxable. You will need to report the gains and any applicable exemptions or deductions.
You will need to report your rental income and deduct expenses such as property tax, maintenance costs, and interest on a home loan.
Business owners and professionals may need to use different forms and provide additional details about their income and expenses.
Salaried individuals typically use Form 16 to report their income and claim deductions.
If you have paid excess tax, you can claim a refund through the e-filing portal.
In certain cases, you may be eligible for an extension to file your income tax return.
If you fail to file your income tax return on time, you may be subject to penalties and interest.
You can track the status of your income tax return online through the e-filing portal.
The verification process typically involves electronic verification using Aadhaar authentication or sending a physical verification form.
Yes, you can file a revised return to correct any errors or omissions in your original return.
The process involves logging into your e-filing account, selecting the appropriate return form, entering your income details, claiming deductions, and verifying your return.
You can register on the e-filing portal using your PAN card and basic personal information.
Section 80C deductions are for investments and savings, while Section 80D deductions are for medical expenses.
Yes, you can claim various deductions, such as deductions for investments, home loan interest, medical expenses, and donations, to reduce your taxable income.
Taxable income includes salary, income from business or profession, capital gains, house property income, and other sources of income.
Your taxable income is calculated by deducting various allowances and deductions from your gross total income.
You will need to gather various documents, including your PAN card, Form 16 (if applicable), salary slips, investment proofs, rent receipts, and other relevant documents.
Filing income tax returns online offers several benefits, including convenience, faster processing, and the ability to track the status of your return.
Yes, you can file your income tax return online through the Income Tax Department's e-filing portal.
Individuals earning an income above the taxable limit are generally required to file income tax returns. The specific threshold varies based on age, marital status, and other factors.
The deadline for filing income tax returns in India typically falls in July of the following financial year. However, it can vary based on individual circumstances and the type of return being filed.
An income tax return is a document that you file with the tax authorities to report your income and calculate your tax liability.
Remote staff can access source documents, information, and data through secure cloud-based platforms or other designated channels.
Yes, remote staff can work on email IDs provided by your firm, ensuring secure communication and access to company information.
Remote staff typically communicate through email, phone, video conferencing, and project management tools.
Outsourcing providers typically provide their staff with the necessary equipment, such as computers, internet access, and software.
Setup fees may vary depending on the outsourcing provider and the specific services required.
Remote staff can work from either an office or their home, depending on the arrangement with the outsourcing provider.
Yes, offshore staff are typically proficient in English, especially those working in the outsourcing industry.
You can monitor performance through regular communication, project management tools, and performance metrics.
Yes, reputable outsourcing providers typically have in-house training facilities to ensure that their staff is equipped with the necessary skills and knowledge.
Building connections with offshore teams involves regular communication, cultural understanding, and fostering a collaborative environment. Virtual team-building activities and regular meetings can help strengthen relationships.
Shift timings can generally be adjusted with prior notice, depending on the specific agreement with the outsourcing provider.
Shift timings can generally be adjusted with prior notice, depending on the specific agreement with the outsourcing provider.
While salaries can vary, qualified offshore staff can earn competitive wages, especially when considering the cost of living in their respective locations.
Yes, many outsourcing providers can provide case studies and references from satisfied clients to demonstrate their success in delivering quality offshore staffing services.
Yes, you can hire part-time or temporary staff for specific projects or during peak seasons like tax season.
Yes, reputable outsourcing providers carefully select and train their staff to ensure they have the necessary skills and experience to handle US accounting and tax requirements.
The reporting structure can vary depending on the specific arrangement. In many cases, offshore staff would report to a dedicated project manager or point of contact within the outsourcing company.
Integrating onshore and offshore teams is crucial for effective collaboration and knowledge sharing. Regular communication, clear expectations, and cultural understanding are essential for successful integration.
While some accountants may initially have reservations about the quality of offshore staff, reputable outsourcing providers have implemented robust quality control measures to ensure that the work delivered meets high standards.
Yes, you can hire an entire team of offshore staff to handle various accounting and finance functions within your organization.
The benefits of offshore staffing include cost savings, access to a global talent pool, scalability, increased productivity, and 24/7 support.
Offshore staff are employees located in a different country from the company they work for. FinRise Advisors's offshore staff works from various locations, including India and the Philippines.
The cost savings associated with offshore staffing are primarily due to lower labor costs in offshore locations compared to many developed countries.
FinRise Advisors offshore staff can be hired for a wide range of accounting and finance tasks, including bookkeeping, payroll processing, tax preparation, financial reporting, and data entry.
Yes, we have in-house training facilities to ensure that our staff is equipped with the necessary skills and knowledge to meet our clients' requirements.
Yes, our staff is knowledgeable about various accounting regulations, including US GAAP, IRS, and other relevant standards.
Yes, we can provide staff with experience in specific software applications, including Ultra Tax, CCH, and Pro-system SX.
We work with both businesses and accounting firms. Our services can be tailored to meet the specific needs of various industries and organizations.
To evaluate if offshore staffing is right for your firm, consider factors such as your budget, the nature of your tasks, the required skill set, and the potential benefits of cost savings and increased efficiency.
Our pricing is based on factors such as the specific services required, the level of expertise needed, and the project's complexity. We offer flexible pricing models to meet the needs of different businesses.
Offshore staffing has become highly relevant due to the globalization of the workforce, advancements in technology, and the need for businesses to access skilled talent at competitive costs.
We work with both businesses and accounting firms. Our services can be tailored to meet the specific needs of various industries and organizations.
The standard of living in various offshore locations can vary. However, many offshore professionals choose to work in the outsourcing industry due to the opportunities it provides for economic growth and improved quality of life within their local communities.
Outsourcing service providers should have robust data backup and recovery procedures in place to protect your financial data. Inquire about their specific measures.
Yes, many outsourcing service providers offer trial periods to allow you to assess their services before making a long-term commitment.
Businesses of all sizes can benefit from outsourcing accounting, but it is particularly advantageous for small businesses, startups, and those with fluctuating workloads.
Yes, many outsourcing service providers offer dedicated teams or points of contact to ensure effective communication and personalized service.
Outsourced accountants should be experienced in tax preparation and filing, ensuring compliance with all relevant regulations.
Outsourced accountants should continuously invest in training and education to stay updated on industry trends and technological advancements.
Hidden costs can include contract termination fees, data transfer fees, and potential additional charges for unexpected tasks.
Outsourced accountants should stay updated on relevant regulations and ensure compliance through regular reviews and updates.
Yes, you can easily scale up or down your outsourced accounting services based on your changing needs.
Time zone differences can be managed through effective communication planning, including scheduled calls, email, and project management tools.
You can expect a high level of expertise from an outsourcing service provider, especially if they specialize in your industry or have certifications such as CPA ,CA or CMA.
A reputable service provider will have robust security measures in place to protect your data. Inquire about their security protocols and certifications.
Yes, you can expect accuracy from a reputable outsourcing service provider. They should have quality control measures in place to ensure the accuracy of their work.
Outsourcing typically involves establishing a contract with a service provider, providing them with your financial data, and receiving regular reports and updates.
Consider outsourcing when your accounting workload becomes too time-consuming, complex, or requires specialized skills that you don't have in-house.
Outsourcing can often be cheaper than hiring in-house accounting staff, especially for small businesses or those with fluctuating workloads. However, costs can vary depending on the services required and the service provider's pricing structure.
Key advantages of outsourcing include cost savings, improved efficiency, access to specialized expertise, scalability, and reduced administrative burden.
Accounting outsourcing involves hiring an external company to handle all or part of your accounting functions, such as bookkeeping, payroll, tax preparation, and financial reporting.
Outsourcing accounting can be a good idea for businesses seeking to save time, reduce costs, improve efficiency, and access specialized expertise. However, it's essential to evaluate your specific needs and choose a reputable service provider.
Before outsourcing, consider factors such as your business size, budget, specific needs, the complexity of your accounting tasks, the level of security required, and the importance of having a dedicated team.
Tax filing is the process of submitting information about your income and taxes to the government. Simply, individuals who are eligible for tax report their earnings, deductions, and credits to determine if they owe taxes or are due for a refund. Tax filing online simplifies this process by allowing individuals and businesses to submit their tax returns electronically through authorized platforms.
Online tax return filing is a process of submitting tax return information electronically through a secure platform. Taxpayers fill out their income details, deductions, and other tax credits on an online platform or website. The system then calculates the tax liability and refund based on the data provided. Online tax return filing is a common way to ensure faster processing, reduce errors with automated checks, and provide immediate confirmation of submission, making the tax filing process more efficient.
Individuals, businesses, or professionals whose annual income exceeds the basic exemption limits should file an ITR. ITR Siling is also required for those with foreign income or assets and non-resident Indians (NRIs) earning income in India. Tax filing online is an efficient option for submitting ITRs, offering faster processing, error reduction, and convenience, allowing taxpayers to comply with legal requirements easily and securely.
E-tax filing with FinRise Advisors involves multiple benefits. Our team of experts ensures timely, accurate tax filing online services with maximum eligible deductions. The process of tax filing online at Finrise is fast, secure, and convenient. We allow clients to file ITR from anywhere. Our e-filing services ensure the quickest confirmations and fastest refunds, ensuring a smooth tax filing experience tailored to meet your needs.
Accounting is a need of any business, and businesses consider Outsourced Accounting Services to reduce costs and ensure efficient financial management—outsourced accounting solutions to access experts in the field without hiring in-house staff. Outsourced bookkeeping also frees up time for businesses to focus on core business operations. Additionally, outsourcing offers scalability, allowing companies to adjust services based on their needs. Outsourced accounting is a strategic move for growth and financial stability.
Yes, Outsourced Accounting Solutions can bring great benefits for small businesses. By hiring outsourced accounting firms, businesses can get access to expert financial management without hiring a full-time, high-cost staff. Businesses consider outsourcing to save time and cost and to get time to focus on growth and operations. It provides flexibility and scalability, enabling businesses to adjust services as they expand, making it an ideal choice for small enterprises.
Yes, you can outsource specific accounting tasks, such as payroll, bookkeeping, or tax preparation, through outsourced accounting solutions. Many Outsourced Bookkeeping Firms offer customizable services, allowing businesses to delegate only the tasks they need help with, while still maintaining control over other financial and managerial accounting functions in-house.
The cost of Outsourced Accounting Solutions depends on the service's complexity and the provider's experience. We often offer personalized packages that allow businesses to choose specific services and keep costs flexible
Outsourced accounting is often considered to save money. Outsourcing Accounting Solutions saves costs by reducing the need for an in-house staff that saves salaries and overhead expenses. Through outsourced accounting, you only need to pay for the services that are required, avoiding full-time hiring costs. Through outsourced accounting firms, businesses get access to expert advice at minimal cost. This ensures accurate financial and managerial accounting without the expense of ongoing training, software, and office space, helping businesses save significantly in the long run.
Outsourced accounting solutions cover tasks such as bookkeeping, payroll management, tax preparation, financial reporting, and compliance. Outsourced Bookkeeping Firms handle day-to-day transactions, while more advanced services include financial and managerial accounting, budgeting, and cash flow management. These tasks are tailored to your business needs, ensuring efficient financial operations.
Yes, you can outsource your entire finance and accounting department or select specific tasks based on your needs. We also provide packaged packages that allow businesses to outsource tasks like bookkeeping, payroll, tax filing, or Financial and Managerial Accounting. This tailored approach helps businesses control costs while gaining expert support where it's needed most.
We, as an established Outsourced Bookkeeping Firm, work with all businesses that need financial help, whether it is healthcare, retail, real estate, or technology. We offer specialized expertise in both financial and managerial accounting for industry-specific requirements.
The most common risks induge with offshore accounting and taxation is a change in tax laws, reputational risks if not structured correctly, and possible double taxation. We can help you mitigate these risks by ensuring compliance and providing ongoing legal guidance.
The cost of offshore accounting and taxation services depends on various factors like jurisdiction, complexity of the business, and the services required. We provide personalized packages to meet your business needs.
Offshore accounting and taxation services ensure that your business complies with all international tax laws, such as the OECD’s Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA), to avoid penalties and legal issues.
Offshore accounting and taxation services focus on compliance and optimization for taxes in foreign jurisdictions. While local taxation mainly focuses on the domestic regulation of the home country. Offshore accounting involves a deep understanding of international tax laws, avoiding double taxation, and maximizing the advantages of lower tax rates in certain countries.
Many offshore jurisdictions offer lower corporate tax rates, no capital gains tax, reduced personal income tax, and favorable rules for wealth management. These can result in significant savings if structured properly.
All kinds of businesses benefit from offshore accounting and taxation services, whether they are multinational corporations, startups looking to expand globally, investors, high-net-worth individuals, e-commerce businesses, and companies seeking tax optimization or asset protection.
Yes, offshore accounting and taxation is legal as long as it follow both local and international laws. We at Finrise Advisors ensure our services are in full legal compliance to help you structure your offshore accounts and taxes under all applicable regulations.
Offshore accounting and taxation services offer various benefits, including tax optimization, asset protection, and business expansion opportunities. By adopting offshore accounting services, businesses can reduce tax liabilities, safeguard assets from legal risks, and streamline international operations. This ensures global compliance while maximizing financial efficiency and growth.
Offshore accounting and taxation services manage financial records, accounts, and tax obligations for new businesses or individuals in foreign countries. These services are designed to maximize the benefits of tax laws, asset protection, and regulatory benefits offered by certain countries.
Direct taxes are those that people or other entities pay to the government directly. In India, two types of direct taxes are income tax and wealth tax. These taxes are non transferable and are determined by the taxpayer's wealth or income. The two main categories of direct taxes are income tax and corporation tax. Individuals, Hindu Undivided Families, and other taxpayers (apart from corporations) are subject to income tax on their earnings. Corporate taxation is imposed on the earnings that businesses generate from their operations.
Income tax is calculated using the total income of an individual for a particular fiscal year. Income tax is imposed on the following sources of income:
A person who is not an individual or a HUF, such as a partnership firm, company, etc., may have any one of the following residence statuses, according to the Income-tax Law:
Resident
Non-resident
The Income-tax Law's criteria must be applied annually to ascertain the taxpayer's residence status, which is not set. As a result, the taxpayer might qualify as a resident for one year and a non-resident for another, or the other way around.
A company would be resident in India in any previous year, if-
1. it is an Indian company; or
2. its place of effective management, in that year, is in India.
“Place of effective management" refers to a location where important business and management decisions that are essential for an entity's overall business operations are, for the most part, made [Explanation to section 6(3)].
The process of determination of POEM would be primarily based on the fact as to whether or not the company is engaged in active business outside India(ABOI Test).
A company shall be said to be engaged in 'active business outside India’.
if passive income is not more than 50% of its total income (≤50% Passive Income),
and less than 50% of its total assets are situated in India (<50% Assets in india ); and
less than 50% of total number of employees are situated in India or are resident in India (<50% Employee in india); and
the payroll expenses incurred on such employees is less than 50% of its total payroll expenditure. (<50% Payroll Expenses in india).
To determine the residential status of a HUF, one must check two conditions: first, if the HUF is a resident or non-resident in India, and second, if the HUF is ordinarily resident or not ordinarily resident in India.
Condition 1: Determining whether resident or non-resident
A HUF is a resident in India if it has some or all of its control and management in India.
Condition 2: Determining whether resident and ordinarily resident or resident but not ordinarily resident
A resident HUF is ordinarily resident in India if its manager (i.e., karta or manager) meets both of these conditions:
A resident HUF is not ordinarily resident in India if its manager (i.e., karta or manager) does not meet or meet only one of these conditions.
To determine an individual's residential status, one must check if he is s resident or non-resident of India. A resident is someone who meets one of these norms:
A non-resident is someone who does not meet either of these norms.
There are some exceptions to the second criterion for Indian citizens who work abroad or on Indian ships.
If he is a resident, one must check if he is a resident and ordinarily resident (ROR) or a resident and not ordinarily resident (RNOR). A ROR is someone who meets both of these norms:
An RNOR is someone who does not meet both of these conditions.
For the purposes of income tax law, a HUF may have any one of the following distinct residential statuses:
A HUF's residential status is determined by the guidelines laid out for each class in the Income-tax Law. That is to say, a HUF's residential status could vary from year to year. A HUF could, for example, be a Resident and ordinarily resident in one year, a non-resident or resident but not Ordinary Resident in another year, and so on.
According to a new section 6(1A) of the Income-tax Act, 1961 introduced by the Finance Act 2020, an Indian citizen's residential status for tax purposes is determined by two factors:
1) his foreign income
2) whether he is subject to taxation abroad.
Income from foreign sources is defined as income earned across the Indian border, with the exception of income from a business or profession controlled or established in India. That is, an Indian citizen will be deemed a resident of India for tax purposes beginning with the assessment year 2021–2022 if their total income surpasses Rs. 15 lakh (excluding income from foreign sources) and they are not subject to tax in any other country.
One of the primary determinants of a Individual’s taxable income under income tax law is the Individual’s residency status. A Individual’s citizenship is distinct from their residential status. For taxation purposes, a person may be an Indian citizen but not a resident, or the other way around. The number and nature of stays a person makes in India over the course of a given fiscal year determines his status as a resident.
Individuals can be classified as belonging to one of three residential status classes under the Income-tax Act 1962:
1) Residents and Ordinary residents (ROR)
2) Resident but not ordinarily resident (RNOR)
3) Non-resident (NR)
A person's tax liability is determined by their residential status at the time of income earning.
1. The individual's residence status as defined by the Income-tax Law;
2. The nature of his income.
As a result, a key determinant of whether the income is taxable is its residential status.
The Foreign Exchange Management Act, 1999 permits a resident individual to open a foreign currency account with an authorized dealer in India (FEMA). This type of account, which can be either a current or savings account, is known as a Resident Foreign Currency (Domestic) Account. The following methods of obtaining foreign exchange for opening an account include:
• Receiving payment for services rendered outside india while visiting outside of India that are not related to any business or activity conducted in india.
• By accepting a gift, honorarium, or payment from a non-resident visitor to India for services rendered.
• When visiting outside of India, by receiving a gift or honorarium;
• When possessing unspent foreign exchange obtained from an authorized source for overseas travel;
• When receiving a gift from a relative.
The account may be maintained individually or jointly with another resident. There is no interest on the account, and you can use the balance for any current or capital account transaction that is allowed.
Like many Indian residents, foreign nationals are allowed to open a regular savings account. Actually, opening an account is possible even for foreign visitors to India on a brief stay. A foreign national who is visiting may only open an NRO account, While a foreign national resident in India can open a resident account as well Thus, it will function in the same manner as any other domestic account. On the other hand, one must exercise caution regarding the likely process that would be used for repatriation. While funds in an NRE account are freely repatriable, funds in an NRO account may require certain conditions to be met. Therefore, even though they might be permitted to open a resident account, foreign nationals must be aware of the consequences and whether they can freely return to their home country from a resident account or if special authorization is required.
A current account is a type of deposit account that is frequently used for high-value transactions. Businessmen who need to use cheques to pay their creditors are the ones who open it most frequently. Customers can deposit and withdraw money from a current account at any time without notice, and there is no interest paid on the deposits. A savings account, which pays interest, is not the same as a current account, which is also referred to as a financial account. A current account is a good option for companies looking to conduct their financial transactions with ease.
Every economic exchange that takes place between a nation and the rest of the world is documented in the capital account. Capital account manifests how much a country's assets have changed due to transactions with foreign entities. These transactions include capital transfers, remittances, and the import and export of goods and services as well as receiving foreign aid. The balance of payments, which shows how much a nation's income and assets have changed as a result of these transactions, combines a current and capital account. A financial account and a capital account are the two categories into which the capital account is divided according to certain definitions; transactions involving non-financial assets and liabilities are included in the capital account, while transactions involving financial assets and liabilities are included in the financial account.
The Indian Parliament established jurisprudence in 1999 with the Foreign Exchange Management Act (FEMA) to modernize and regulate foreign exchange markets and transactions in the nation. The act intends to support the orderly growth and stability of the foreign exchange market as well as India's external trade and payments. The act applies to anyone who resides in India and who owns or has control over any branch, office, or agency that is located outside of India's borders. It also covers the entirety of India. The act also gives the authorities the right to prosecute anyone who disobeys its provisions outside of India.
Other arrangements permissible to a non-resident under the Income-tax Act include the following:
• Income that is deemed to accrue or arise in India, such as pay from a business connection, property, asset, or source of salary in India, is subject to taxation for non-residents.
• If an individual is a "resident but not-ordinarily resident," they are required to pay taxes on both their taxable income in India and their foreign income that originates from a business controlled in or profession that is established in India.
• Income that is received or deemed to have been obtained in India, such as a non-resident's pay for services rendered in india, dividends from Indian businesses, and interest from Indian bank accounts, is also subject to taxation.
• Under the terms of the Double Taxation Avoidance Agreement (DTAA) between India and his home country, a non-resident may be eligible for relief from double taxation.
A non-resident entity's relationship with an activity in India that either directly or indirectly contributes the non-resident entity's income is referred to as a business connection. Any of the following scenarios could be part of a business relationship:
• The non-resident entity has an agent in India who can dissolve contracts on its behalf (with the exception of contracts for the purchase of goods or merchandise).
• The agent typically keeps a stock of goods or merchandise from which he obediently delivers goods or merchandise on the non-resident entity's behalf.
• The non-resident entity regularly obtains orders for itself, another non-resident entity managed by the same people, or for both in India.
Only income attributable to the business connection in India is considered to accrue or arise in India and is therefore taxable in India. the non-resident entity's total income is not subject to taxation.
In order to control foreign exchange transactions in India, the Indian Parliament passed the Foreign Exchange Management Act (FEMA) in 1999. The primary goals of FEMA are to:
• Facilitate India's external trade and payments.
• Promote the orderly development and upkeep of India's foreign exchange market; and
• Simplify and amend the foreign exchange laws
• control and direct the investments and activities of non-residents in India
• Effectively utilize foreign exchange resources for the nation
• Eliminate the imbalance of payments.
Every region of India, every Indian citizen living abroad, and all agencies operating there are covered by FEMA. Reserve Bank of India (RBI) and Enforcement Directorate (ED) are in charge of FEMA administration.
Income is deemed to have accrued or arisen in India if it satisfies any of the following criteria, as stated in Section 9 of the Income Tax Act 1961 (ITA 1961):
• It is earned in India, directly or indirectly, through any business connection, property, asset, or source of income;
• It is received in India, either by the earner or by any other person acting on their behalf;
• It is received, accrues, or arises outside of India but is attributable to any business activity conducted in India.
Incomes deemed to be received in India are the followings:
Fill out the Form for changes or corrections in TAN data for the TAN allotted and pay the necessary fees at any TIN facilitation center or on the NSDL-TIN website to notify the Income Tax Department that you are about to make changes or corrections to the data associated with the TAN. This includes modifying your address or any other information that was needed to get your TAN.
The Tax Collection and Deduction Account Number, or TAN, is a 10-digit alphanumeric code that is required for all individuals who collect or deduct taxes. TAN is essential to quote in TDS/TCS return (including any e-TCS/TDS return), any TDS/TCS payment challan, and TDS/TCS certificates.
No matter if they are submitted electronically or on paper, TAN must be mentioned on all TCS/TDS/Annual Information returns. If the correct TAN is not quoted on the return, it will be refused in both paper and electronic format.
To find out the status of your TAN application, you have 2 options:
1) By means of the application number:
• Visit the https://www.protean-tinpan.com/services/tan/tan-introduction.html website of TIN-NSDL.
• In the 'Acknowledgment Number' bar, type your acknowledgment number.
• Press the 'Submit' button.
2) By means of the transaction number:
• Visit https://tin.tin.nsdl.com/tan/changemode.html, the NSDL website.
• In the 'Transaction Number' bar, type your transaction number.
• Press the 'Show Status' menu item.
• The number that appears on the 'Payment through Credit Card' screen is the transaction number.
No, if a deductor needs to deduct tax from special kinds of payments, they do not need to apply for a separate TAN. You can use one TAN for all kinds of deductions. This is so because the TAN is associated with the deductor directly, rather than the type of deduction.
For instance, an organization can use the same TAN for all tax deductions if it must deduct taxes from commissions, interest, salaries, and dividends. A deductor would only be required to apply for a separate TAN if they were conducting business out of distinct branches or divisions.
It is illegal to use or possess more than one TAN.
A deductor can find out his TAN in three ways:
• Get information from the TIN Facilitation Centers (TFCs). The authorized TFCs are in charge of processing TAN applications and allocating TANs. Deductors can go to any TFC and give the staff there their information. The deductor can get his TAN from the officials by having them check the TAN database.
• Check the website of the Income Tax Department. Deductors can check their TAN status in a specific section of the Income Tax Department's website. To verify their TAN status, deductors can visit the website and input their PAN or TAN numbers.
• Utilize the 'Know Your TAN' tool. On its website, the Income Tax Department provides a 'Know Your TAN' tool. Deductors can use this facility to check their TAN by entering their PAN, TAN, or name.
NSDL (National Securities Depository Limited) will notify the deductor of the new TAN number in the following ways:
• By post: The new TAN number will be posted to the deductor if they have provided their address on Form 49B.
• By email: The new TAN number will be sent to the deductor via email if they have included their email address on Form 49B.
•Against the acknowledgment: The new TAN number will be shown in online TAN applications next to the acknowledgment number
For the processing of a TAN application, the applicant must pay Rs 65 (Rs 55 for the application fee plus 18.00% Goods & Services Tax). Even in the event that the application is denied, this cost is non-refundable. The demand draft or cheque should be made payable to NSDL-TIN by the applicant.
The information provided in Form 49B will be reviewed by the department. If the application is accurate, NSDL will email the TAN details for online applications or mail the TAN details to the applicant's address on Form 49B.
To apply for a new TAN, utilize Form 49B. You can download Form 49B from the income tax department's website or NSDL. Additionally, it is accessible via the TIN facilitation centers. The TIN Facilitation Center helps candidates complete Form 49B. However, the TIN facilitation center will reject the application if the applicant submits an inaccurate or incomplete Form. It is advisable to complete Form 49B accurately and according to the instructions.
Your application for TAN Allotment does not require any attachments.
However, if you submit your application online, you must print the acknowledgment that appears
after completing the form, sign it, and mail it to NSDL.
Address:
Mantri Sterling, Fifth Floor, Plot No. 341, Survey No.997/8,
Model Colony,
Near Deep Bungalow Chowk,
Pune-411016; NSDL e-governance Infrastructure Limited
The cover letter must read 'APPLICATION FOR TAN-Acknowledgment Number.' (for example, 'APPLICATION TAN - 88301020000392').
To apply for a new TAN, utilize Form 49B. You can download Form 49B from the income tax department's website or NSDL. Additionally, it is accessible via the TIN facilitation centers. Form 49B can not be made on a plain piece of paper but can be filled on a typewriter in capital letters and with a good impression.
No, plain paper applications cannot be submitted for TANs. It must be made on Form 49B, which is a standard form that can be downloaded from the Income Tax Department website or the NSDL website. The form is also available at TIN facilitation centers.
The applicant must sign and complete the application in capital letters. You must print and sign the acknowledgment form if you are applying online. The acknowledgment form needs to be signed and mailed to the address listed on Form 49B for the NSDL office.
Absolutely, since the names, addresses, and designated individuals vary from branch to branch and division to division, each branch or division of the company may have its own unique TAN. The applicant must include all relevant information when filing the TAN allotment application, including the name of the company, branch, or division, its location, and the identity of the person in charge of deducting the tax.
Yes, each DDO (drawing disbursing officer) should apply for TAN separately, even in cases where there are several of them. This is because the TAN application asks you to provide information about your division, branch name and address, and the name and title of the person in charge of deducting TDS/TCS. Each DDO should submit a separate application for TAN allotment, including accurate and pertinent information.
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