Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by Income Tax Department. Each assessee (e.g. individual, firm, company etc.) is issued a unique PAN. Details about procedure of applying Pan Application online for new PAN card, changes or corrections in PAN data, processing fee, mode of submission of documents and category of applicant are also available.
Permanent Account Number is mandatory for every tax payer or the person who needs to file an income tax return on behalf of self or others. Basically, any individual/non individual (including the foreign citizens/entities) earning taxable income in India and undertaking certain specified transactions as may be notified by Central Government must have a PAN card.
TAN stands for Tax Deduction and Collection Account Number. It is a ten digit alphanumeric number that is allotted to those who are supposed to deduct tax at source or TDS. TAN number or TAN registration is very important for businesses deducting tax at source and is required to be quoted in TDS or TCS return.
TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan and TDS/TCS certificates.
While PAN stands for Permanent Account Number, TAN stands for Tax Deduction Account Number. TAN is to be obtained by the person responsible who is an taxpayer or runs a business to enable proper deduction of tax, i.e. the deductor.
PAN is required for applying TAN except in cases like departments of Central or State Governments .