TAN Full Form ,What Is The Full Form Of TAN
TAN Full Form in India : Tax Account Number
What is TAN Number?
TAN number is a specific number allotted for Deduction/ Collection of TDS and payment of same into Govt A/c by an individual , who is making payment in reference to a business purpose/ transaction. The TAN No provides a singular Identification to Tax Deductor / Collector and help within the tracking of transactions, like payment of taxes and return filing.
Why TAN No is required?
As per Mandate from tax department, every business entity must deduct TDS (Tax Deduction at Sources), while making payment surely business transactions, like payment to Contractors/Sub-Contractor, or Professional for his or her services. After such deduction, such payment must be deposit in Govt. A/c through online banking or through challan to be deposited in specified Banks and, then , a return also must be filed during this regards. Simply TAN no may be a must before anyone can proceed for a tax write-off or payment.
TAN Full Form in Chemistry : Total Acid Number
Corrosion may occur on machine parts and clogged oil filters if there is high concentration of acid compound present in lubricant. Basically varnish and sludge form due to high concentration acid compound which lead to corrosion. When a lubricant breaks down, acidic by-products are going to be formed from the chemical decomposition of the bottom stock and additives within the presence of air and heat. Hence Total Acid Number (TAN) is a measured number of acid concentration present in a lubricant.
TAN Full Form in Banking : Transaction Authentication Number
Transaction authentication number in a one time code or one time password which used in the processing of online transaction. It is a additional security layer for online money transaction one account to another account in banking system.
TAN Full Form in Math : Tangent