Plenty of difference arises due to accounting Terminology. People will confuse the words of Accounts. Here we are going to explain the difference between a few terms such as PAN, TAN, DSC, DIN, and TIN. As people aware of that general terms will vary with the legal terms and accounting Terms. According to us, terminology means offers certain things to us.
What is a PAN?
PAN Stands For Permanent Account Number. Every Natural and Artificial person like Company, Partnership Firm, …etc Can take the PAN Card. Without PAN CARD a man cannot make a valid income tax filing. To start any company, Firm or Business we required the PAN CARD. The main vision and mission of the PAN CARD are to deal with Financial records and other things. To get the PAN Card two departments will provide the PAN CARD one is NSDL and Another one is UTI. To obtain a bank Account, Purchasing of any property, Cash Deposits, Cash Withdrawals, …..etc.
Importance of Digital Signature Certificate DSC
DSC is one of the Electronic Authorization Serves as a proof of Identity for the Digital Signature. Most of the people will use the digital signature for individuals for certain online transactions and filings. Mostly DSC is used for MCA ( Registration of Incorporation) Income Tax Department, Directorate General of Foreign Trade and E Tenders in India. In order to provide the quality service digital signature is classified into various categories which are given below.
Class 0 Certificate:– This certificate will be provided only for demonstration or test purposes.
Class 1 Certificate:– This certificate will be issued to Private Subscribers or Individuals. These Certificates will confirm that the user’s name and Email address of the person. These classes of Certificates will be useful for certifying the authorities of the database.
Class 2 Certificate:– These Certificates will be announced for both Private Individuals use and Business Personnel use. These Certificates will provide the information in the Application does not get with the information in well-recognized consumer databases.
Class 3 Certificate:- Mainly these certificates will be issued to the individuals as well as organizations. These are treated as highly qualified certificates primarily deal with e-commerce applications. They shall be issued to individuals or persons on appearing before the certifying the authorities.
DIN (Director Identification Number)
To identify one person as a Director we required a Director Identification Number. Any person without the DIN Number cannot become a member of the Company. For Registration of the Company, we required the DIN and Designated partner identification Number can be used interchangeably. DPIN is required for registering an LLP in India. Every Individual who is applying for the DIN needs PAN Card and Digital Signature is mandatory.
Tax Payer Identification Number TIN or VAT
TIN is one of the Unique Tax Payers Identification Number which is used for the registration number dealers for VAT, TOT and other businesses. But now it is converted into the GSTN Number. So GST Tax Payers need to the GST Registration for the various products like Shopkeepers, Dealers, E-Commerce Sellers, and Other Things.