BANKING AFFAIRS

Detailed explanation-1: -Tax Deduction Account Number or Tax Collection Account Number (TAN) is a 10-digit alpha-numeric number issued by the Income-tax Department. Thus, option (b) is the correct option. Q2.As per section of the Income-tax Act, 1961, every person who deducts or collects tax at source has to apply for the allotment of TAN.

Detailed explanation-2: -Tax Deduction Account Number (TAN): TAN is 10-digit alphanumeric number issued to the persons who are required to deduct or collect tax. Type of Payment: 200: should be selected if the TDS/ TCS is a regular transaction.

Detailed explanation-3: -In India, a Tax Deduction and Collection Account Number (TAN) is a 10 digit alpha-numeric number issued by the Income Tax Department to the persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961.

Detailed explanation-4: -Correct answer : (c) Justification of correct answer : PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card (commonly known as PAN card).

Detailed explanation-5: -Differences Between TAN And TIN Both TAN and TIN are tax identification numbers. However, while the Taxpayer Identification Number (TIN) is beneficial for both the state and the entity, the Tax Deduction and Collection Account Number (TAN) is assigned to companies and financial institutions.