Importance Of Form 49B & What Exactly Is The Importance

Importance Of Form 49B & What Exactly Is The Importance

5-6 minutes           Supposed Definition of Form 49B

In simpler definitions, Form 49B is an application for receipt of TAN.

All of you must have listened to or read the name ''Form 49B''. It is among such documents which is the most core that every human resource professional must be aware of from its core. If you, too, are not very clear about what ''Form 49B'' is, you are just at the right place.

Let''s dive in and start exploring!

In This Segment, We Learn About:

• What is Form 49B?
• Contents of Form 49B
• How to Apply Form 49B?
• How to Apply for Form 49B Through the NSDL Portal?
• How to Apply for Form 49B Through Offline?
• Documents Required for Form 49B

What is Form 49B?

It is mandatory for the submission of this income tax form as per section 203A of the Income Tax Act 1961.

One requires this form for getting a Tax Deducted and Collecting Account Number (TAN).

The only appropriate way of obtaining TAN is to duly fill the entire form 49B. TAN is a sine qua non for persons engaged in tax deduction at source or TDS and tax collection source TCS.

Banks have the right to decline the fulfillment of the payments to those who are without TAN numbers. Further, any person not carrying the TAN fined for making the tax deductions will be penalized with the amount of Rs 10,000.

You can apply for a TAN by filing Form 49B using the National Securities Depository Limited portal or the UTI Infrastructure Technology and Services Limited site and sending in your application in PDF.

Contents of Form 49B

The details portion of 49B is divided into distinct compartments, each of which collects knowledge helping successful application for TAN.

• Office and Designation Details:

  This opening section reflects the office and designation of the applicant. This would make it very clear whether you are a professional or a man working to pay the bills.

• Residential Address:

  The second section requires full particulars about the applicant''s residential address in order to enable correct mail.

• Nationality and PAN:

  The third section doubles up in its function; that is, it aims to know the nationality of the applicant, and possibly, if need be, their PAN (Permanent Account Number).

• Tax Deduction and Collection Numbers:

  The other sections provide for inclusion of both the Tax Deduction Number and the Tax Collection Number – two very important numbers in the process of taxation.

• Details of the Submission of the Form:

  After that is a special space to apprise me of your submission of the Form. In this space, you should make it clear whether the submission was made and the date and mode of the same.

• Assessing Officer Details:

  Here, I require the applicant''s details about the assessing officer and hence be sure of effective communication in time.

• Personal Details:

  After which, applicants now have to enter into this column their personal details. This is entered to confirm that all the information above this is correct.

• Declaration:

  This is the section where an applicant is supposed to sign here or put his/her left-hand thumb impression to declare that all details furnished from within Form 49B are correct and authentic to the best of his/her knowledge and belief.

How to Apply Form 49B?

You''d know Form 49B becomes so easy to apply for when you do not have to fill in all that hubbub of forms manually.

The inbuilt system remains all-time general, so submission is very easy and smooth.

It gets easier to apply for the tax-deductible TAN account number, which is done easily through the online walk-through without any sort of hassle. That makes the whole process efficient and adds to accessibility.

How to Apply for Form 49B Online via the NSDL Portal

Here is how to apply for Form 49B through the NSDL Portal:

• Visit the official NSDL Portal.
• Tap on the Online Application for TAN link.
• Choose the relevant categorisation of your deductor from the dropdown.
• Fill in all the numerous items on the surface regarding information found on Form 49B—for example, the Assessing Officer code field, the Area Code field, and its Upper Range Code.
• Check the information you have filled in on the confirmation page and press ""Confirm & Submit.""
• Please ensure that the 14-digit acknowledgement number is noted in your notebook so as to be sure that the following page is visible.
• Take a print out of this form with the attestation of a thumb impression and signature.
• Mail the printed Form 49B with sign or left thumb imprint to the address of NSDL having all attachment of mandatory documents.
• But do remember that if you use the left thumb print, then it has to be attested even by a Magistrate or Gazetted Officer.

To Apply for Form 49B, Do as Follows:

• Go to the NSDL portal and download Form 49B.
• Fill in all the personal details of the applicants. Ensure you attach proof of each.
• Present that the information you have given is correct.
• Mention the date, time, and place. After that, sign the form to prove your affirmation, or put a thumbprint with them for attestation purposes, before the magistrate or gazetted officer in the case of thumbprints. MPs/MLAs/Municipal Councilors and Gazetted are not eligible to attest the AEs.
• Review all your information. You will be able to submit the form and material required at your nearest NSDL or UTIITSL office for handling.
• When applicants find it hard to submit their applications online, a paper route is available.

Documents to be Enclosed Along with the Application in Form 49B

In case the applicant submits the Form 49B online, then the applicant will also have to send a print of acknowledgment to the Income Tax Department. If it is done offline, then no specific documents are needed.

So with that information in place,

We hope all your doubts have been cleared regarding Form 49B.

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