TAN is a 10 digit alpha-numeric code that is being issued by the Tax Department for people who are responsible for deducting or collecting tax at source. The validity of TAN application is for a lifetime once it has been issued.
Individuals who are associated with proprietorship and companies are required to obtain TAN and deduct tax at source. Every individual with the authority to deduct TDS is required to apply for TAN and shall quote this number in all TDS Returns, TDS payments and any other communications regarding TDS with the Income Tax Department and the individuals who will fail to do so will be charged a heavy penalty.
Individuals who run a proprietorship business have to deduct TDS whereas the entities like LLP, Private Limited Company, Limited Company, Trust, Society, etc are required to obtain TAN and deduct tax at source.
TDS has different rates based on the transaction. Tax Deduction rate for salary is determined based on the employees’ salary and tax payable by the employee. The tax rate differs on the type of transaction. Any delay in furnishing the income tax return will result in a penalty per day not exceeding the total amount of TDS for the quarter.

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