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Author Topic: Should I apply for TAN  (Read 1393 times)

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Offline keshav

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Should I apply for TAN
« on: March 20, 2015, 07:08:38 PM »
Hi There,

I just incorporated a company and I have no employee as such in the company. We are just 2 directors. At present for starters I personally shop for raw materials for my product and then hire a person(X) for building the product I need. I pay X directly by cash in person BUT X is not an employee of my company. I don't have a Corporate Bank Account yet. I am about to get one in 2 -3 weeks

3 questions -

1. Should I apply for TAN anyways?
2. Till I get a corporate bank account should I stop making payment to X?
3. If I can make payment to X regardless of bank account then can I show all the record of transactions under my company transactions later if I keep the bills from X?

Offline sicobe

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Re: Should I apply for TAN
« Reply #1 on: March 24, 2015, 05:37:43 AM »
Hi Keshav,

1. If your payment exceed amount as prescribed in various section then you are required to get TAN No. otherwise you cannot book your expenses.

2. If the payment to x is less then 20000 then its ok, if its exceed 20k then you have to make payment through cheque.

3. Its good practice if you make the payment to x less then 20000 and open a current account as soon as possible as you cannot make cash payments exceeding 20k.

We are Sicobe, one of the leading business solutions company engaged in company Incorporation services all over India like company registration in Delhi , Mumbai, Bangalore or Hyderabad & registration of various entities & certificates i.e., VAT , Service Tax, Income Tax.

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