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TAN is used for deductions such as salary, interest, and dividends. While depositing tax, the challan type 281 should be used and the 10 digit TAN number should be mentioned correctly along with the name and address of the deductor. It is mandatory to quote TAN in documents like TDS Return, TCA Return, challans for payment of TDS/TCS, or any other prescribed documents.
Section 194M provides for deduction of tax at source at the rate of 5% on the sum paid to a resident on account of contractual work, brokerage, or professional fees, by any individual or a HUF, if the aggregate of such sum exceeds Rs. 50 lakh in a financial year.
Section 194IA provides for deduction of tax at source from payment on transfer of certain immovable property other than agricultural land.
Section 194-IB provides for deduction of tax at source at the rate of 5% from payment of rent. The tax shall be deducted if the rent paid or payable exceeds Rs. 50,000 per month or part of the month.