PAN
Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by Income Tax Department. Each assesses (e.g. individual, firm, company etc.) is issued a unique PAN.
All existing assesses or taxpayers or persons who are required to file a return of income, even on behalf of others, must have a PAN. Any person, who intends to enter into economic or financial transactions, where quoting PAN is mandatory, must also have a PAN.
Two Types of PAN Application
This application form should be used when the applicant has never applied for a PAN or does not have PAN allotted to him. A duly filled and signed PAN application form along with the supporting documents can be submitted to any of the TIN-FCs or PAN Centres managed by NSDL.
This application form should be used when PAN has already been allotted to an applicant and A new PAN card is required or If data associated with the PAN (e.g. name of applicant /date of birth/address) is required to be updated in records of ITD. If there is any change in PAN data.
TAN
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. Under Income Tax Act, 1961, it is mandatory to quote Tax Deduction Account Number (TAN) allotted by the Income Tax Department (ITD) on all TDS returns.
Two Types of TAN Application
This application form should be used when the deductor has never applied for a TAN or does not have a TAN.
This application form should be used by the deductors in case they want a Change or Correction in data associated with their TAN.