We identify your standard recurring expenses and forecast and budget for it in your expense projection.
Permanent Account Number (PAN) is a unique ten digit alpha numeric identification that’s issued to each taxpayer – Business, Individuals, Trusts, HUFs, Foreign Citizens and more. PAN card or number is issued by the Income Tax Department. PAN card is extremely important form of identity and is mandatory for Indian Citizens starting a company or LLP. PAN is mainly used by the Income Tax Department to keep a check on financial transactions that could carry a taxable component. PAN is now required for many mundane transactions like remitting high value cash deposits, obtaining a loan, purchasing a property and more.
TAN stands for Tax Deduction and Collection Account Number. It is a ten digit alphanumeric number thats 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. Failure to apply TAN when required can attract a penalty. Once TAN is obtained, TDS returns must be filed quarterly by the business.