Know about the Finance and Investments Terms

In an attempt to monitor or survey the collection of taxes from diverse sources of income, the Income Tax Department of India issues distinct types of unique identification systems. Two such prominent systems are PAN and TAN number.

TAN number full form is Tax Deduction and Collection Account Number. It is a 10-digit alpha-numeric code that is issued by the Income Tax Department to those individuals, companies, firms, etc. who require to deduct TDS or TCS. It consists of details like unique 6-digit system-generated ID, individual’s jurisdiction, initials of the company or person.