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Difference Between Tin and Tan | Tin vs Tan 2021 Countries
Tax payment rules and regulations should be effective to prevent tax evasion. Governments are constantly trying to make the way they collect taxes more efficiently, as tax payments by individuals and companies are a major source of income for governments. TIN (Taxpayer Identification Number) and TAN ( Tax deduction and collection account number ) are two such identifiers to ensure proper taxation in India. The main difference between TIN and TAN is that TIN is a unique 11-digit numeric code used for Sellers and distributors will have to pay VAT while being issued TAN is a unique alphanumeric code for individuals who are responsible for deducting or collecting taxes.CONTENT
1. Overview and key difference
2. What is TIN
3. What is TAN
4. Side by Side Comparison - Tin vs Tan in Tabular Form
What is TIN?
Tax identification number ) is a unique 11-digit numeric code for sellers and dealers who are subject to VAT. Sales tax is a type of consumption tax that is levied when adding value at a production stage and final sale. TIN is also called VAT identification number or VAT identification number designated. TIN is issued by the commercial tax department of the relevant state or union territory (UT), and the first 2 digits of TIN are the issued status code or (UT code). Other 9 digits of the TIN differ from state governments.Taxable manufacturers, dealers and dealers must indicate the TIN in all sales tax transactions and correspondence. In addition, TIN is applied to both sales in one state or between two or more states. The rules for TIN are currently changing and under new rules there is no difference between TIN and VAT as only one number is required for each type of sale. Figure 01: Status codes for TIN
What is TAN?
Tax deduction and collection account number ) is a unique ten-digit alphanumeric code issued to individuals required to withhold tax. TAN is issued by the Income Tax Department under Section 192A of the Income Tax Act of 1961. The main goal of TAN is to simplify the deduction and collection of taxes at the source. The structure of a TAN consists of 4 letters for the first 4 characters, 5 numbers for the following 5 characters and one letter for the last character. Furthermore, according to section 203A of the same law, it is required to indicate TAN on all withholding taxes (TDS). TDS is a means of indirect
Tax collection by Indian authorities under the Income Tax Act 1961. A fine of Rs 10,000 is payable if a TAN is not requested, for failure to report in TDS returns documents. What is the difference between TIN and TAN?
TIN vs TAN
TIN is a unique 11-digit numeric code for suppliers and dealers who are subject to VAT.
|TAN is a unique 10-digit alphanumeric code issued to individuals responsible for filing or collecting taxes as a mandatory requirement.||purpose|
|The purpose of the TIN is to track VAT related activities in the country.|
|The purpose of TAN is to make it easier to deduct and collect taxes at source.||Issued by|
|TIN is issued by the state's commercial tax department.|
|The TAN is issued by the Income Tax Department under Section 192A of the Income Tax Act of 1961.||Owned by|
|The TIN should be in the possession of every seller who pays VAT.|
|TAN belongs to every natural or legal person who has to deduct or collect taxes at source.||Summary - TIN vs TAN|
The difference between TIN and TAN is that TIN is issued to track VAT-related activities in the country, while TAN is used to simplify the deduction and collection of taxes at source. They also vary with regard to the code structures and the issuing point. Unique identification codes such as TIN and TAN have made it easier for the authorities to calculate and collect taxes and manage the tax system efficiently and conveniently.
Download PDF version of TIN vs TAN
You can download the PDF version of this article and use it for offline purposes according to the citation guidelines. Please download PDF version here. Difference between TIN and TAN.
1. "Difference between PAN, TAN and TIN." Bank bazaar. N. p. , n. d. Web. Available here. June 12, 2017.
2. “What is TIN Number in India: All About TIN Number.” MyOnlineCA. MyOnlineCA, Oct. 10, 2016. Web. Available here. June 12, 2017.
3. "What is VAT? - Taxes and Customs Union - European Commission." Taxes and Customs Union. N. p. , n. d. Web. Available here. June 12, 2017.
4. STATES CODE FOR "TAX PAYERS IDENTIFICATION" (TIN). Tech. N. p. : n. p. , n. d. Web. Available here. June 16, 2017.
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