Person deducting the TDS is required to deposit the tax deducted to the credit of Central Government by quoting the TAN number, TDS amount, the entity registered for TAN. TAN application is send in form 49B and quarterly TDS returns need to be filed. Deducting entity would issue TDS certificate to person/entity whom tax has been deducted.
TAN number is a 10 digit alphanumeric number which is issued by Income Tax Department.
TAN number is issued for a lifetime, it needs not to be renewed.
TAN Number is required at time of TDS payment, TDS returns.
Failure to apply for TAN or not the same will result in a penalty of ₹ 10,000.
TDS returns need to be filed quarterly and TDS certificates need to be given in 15 days from due date of filing.
Different slab and limits are there as per different sections in Income Tax Act for deducting TDS.