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Key highlight:
Decoding the Circular:
Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs has launched the facility for instant allotment of PAN (on near to real time basis).
- About the facility availability:
Facility is available for those PAN applicants who:
- possess a valid Aadhaar number and
- have a mobile number registered with Aadhaar.
- The allotment process is paperless and an electronic PAN (e-PAN) is issued to the applicants free of cost.
- This announcement was announced in the Union Budget, 2020
Para 129 of the Union Budget, 2020: In order to further ease the process of allotment of PAN, soon we will launch a system under which PAN shall be instantly allotted online on the basis of Aadhaar without any requirement for filling up of detailed application form.”
Key Facts:
- ‘Beta version’ on trial basis was started on 12th Feb 2020 on the e-filing website of Income Tax Department.
- 6,77,680 instant PANs have been allotted with a turnaround time of about 10 minutes, till 25th May 2020.
- as on 25.05.2020, a total of 50.52 crore PANs have been allotted to the taxpayers,
- out of which, around 49.39 crore are allotted to the individuals and more than 32.17 crore are seeded with Aadhaar
- About this Process:
- process of applying for instant PAN is very simple.
- Instant PAN applicant is required to access the e-filing website of the Income Tax Department
- provide her/his valid Aadhaar number and then submit the OTP received on her/his Aadhaar registered mobile number
Post successful completion:
- a 15-digit acknowledgment number is generated.
- Status Check: anytime by providing her/his valid Aadhaar number
on successful allotment,
Applicant can download the e-PAN. The e-PAN is also sent to the applicant on her/his email id, if it is registered with Aadhaar.
This Instant PAN Facility is a digital revolution and will promote ease of compliance to the taxpayers.
Link - source:
Source: https://www.pib.gov.in/PressReleseDetail.aspx?PRID=1627434