Benefits of Udyog Aadhaar registration and TAN registration

Udyog Aadhaar- Introduction

Udyog Aadhaar is called Aadhaar for business purposes. This is a unique 12-digit government identification number that is given by the Ministry of MSME. Udyog Aadhaar registration is mainly for small and medium enterprises to register themselves as MSME.

Other than business entities, a sole proprietor business owner does not have any official recognition for his own business. Udyog Aadhaar is very much beneficial and recommended for Sole Proprietors who do not have any official government recognition.  The udyog aadhaar provides sole proprietors with a unique identity and official registration with the Government of India. This further validates the existence of his business.

If we talk about other kinds of business entities, they usually have an official recognition of their business. It is registered under Udyog Aadhaar and avails the other benefits which MSME offers. 

Benefits of Udyog Aadhaar registration

  • Once they register their business and MSME under Udyog Aadhaar, the persons registering them will receive all kinds of government benefits and schemes like loan without guarantee, easy loan and loans with subsidized rate of interest. 
  • The applicants can participate in foreign expos and receive financial or economic support for that. With their participation, they can showcase their own products.
  • Those persons will be entitled to different kinds of government subsidies.
  • Registration of Udyog Aadhaar will help in the hassle free opening of bank accounts. But the account should not be opened by any individual name. It should be done in the name of the business. 
  • It provides Barcode registration subsidy and exemption under Direct Tax Laws. 
  • There is a waiver of stamp duty and registration fees. 
  • The businesses can apply for government micro business loans as well as other beneficial schemes. 
  • Government provisions can be easily accessed for business
  • Udyog Aadhaar provides bank loans without collateral and mortgage. 
  • It offers octroi benefits, ISO certification, and protects against delay in payments.
  • For patent registration, a grant of 50% is available. 

These benefits are very important and very much vital as they help them to access capital and enjoy all the government aid. Also, the benefits of Udyog Aadhaar can be coupled. Sometimes, we can avail the lucrative business loan to see greater improvement in business, improve infrastructure and upgrade machinery. 

TAN registration

The full form of TAN is Tax Deduction and Collection Account Number. TAN is a ten digit alphanumeric number which is governed by the Income tax department. This TAN number is used by the tax collector or deductor as a part of their identity. To obtain the TAN number, Form 49B must be filled with supporting documents. 

All persons are liable to deduct tax at source(TDS)  or collect tax at source(TCS) which is very much required to obtain TAN. This is one example of a TAN number that is ROXY 02811 K. 

Benefits of TAN registration

There are numerous advantages of TAN registration. Let us discuss some: 

  • TAN helps the deductors to fix the authenticated login area. 
  • Once all the information of TAN is updated, a communication signal is received by the deductors from the Income Tax department which is related to TDS that is tax deducted at source and TCS that is tax collected at source. 
  • They can download the recent input file (FVU) for any kind of correction work. Even the status of challan can be verified online. 
  • The tax deducted at source status statement can be received by the deductor once they complete the procedure. The deductors can also upload the E-TDS online. 
  • An agreement of tax deducted at source (TDS) into TAN ownership is mentioned according to Section 200A. This document can be downloaded very easily from online by each and every deductor. 
  • Thus, these are the advantages of TAN registration which is very easy and this whole process can be very easily understood.

Aishwarya Says:

I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.

If you are interested in participating in the same, do let me know.

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The copyright of this Article belongs exclusively to Ms. Aishwarya Sandeep. Reproduction of the same, without permission will amount to Copyright Infringement. Appropriate Legal Action under the Indian Laws will be taken.

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We are also running a series Inspirational Women from January 2021 to March 31,2021, featuring around 1000 stories about Indian Women, who changed the world. #choosetochallenge

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