Ushma & Associates
Acquiring PAN/TAN/DSC/DIN/Import Export License:
As soon as a person plan to commence a new business, they begin to hear these terms like TAN, PAN, DIN, DSC, IEC License more frequently.
PAN -PAN (Permanent Accountant Number) is an identification number assigned to all taxpayers in India. If nonresidents are holding NRO/NRE account in India, they shall update their PAN in bank. PAN is also required to be quoted while doing any financial transaction or remitting funds out of India.
TAN- Every Tax deductor is required to quote the TAN (Tax deduction and collection Account Number) while making any payment of tax to the Account of Central Government. When nonresidents sell their property in India, buyer deducting withholding tax has to file TDS return in India. This TDS return cannot be filed without obtaining TAN. The Tax deduction and collection Account Number starts with alphabets, followed by numerical digits, and again ends with an alphabet.
DSC- DSC stand for Digital Signature Certificate. In new income tax portal lot of e-verification is required which can be easily done thorugh affixing DSC. In the process of company incorporation and while doing filings with MCA , a person needs to affix his DSC from time to time.
DIN- Any person intending to become a director in a company shall obtain DIN (Director Identification Number). It can be applied through a Ministry of Corporate Affairs (MCA ) website by filling requisite forms.
IEC – IEC stands Importer Exporter Code. The certificate or IEC is issued by the Directorate General of Foreign Trade (DGFT). An IEC is necessary for the import/export of goods.