TRACES stands for TDS Reconciliation Analysis and Correction Enabling System. Banks will not accept TDS Returns and payments if the TAN Number is not provided. Every assesses who is obliged to deduct TDS must apply for a TAN Number, which must be quoted in all TDS Returns, TDS Payments, and any other correspondence with the Income Tax Department about TDS.Īccording to Section 203A of the Income Tax Act 1961, all assesses liable to deduct TDS must cite this TAN Number in all dealings with the Income Tax Department regarding TDS, and failure to do so will result in a penalty of INR 10,000. The term TAN stands for Tax Deduction and Collection Account Number and is a 10-digit alphanumeric number. Procedure on “How to generate TRACES login using registered TAN?”.Procedure on “How to register in TRACES as a Taxpayer?”.
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