INSTANT PAN THROUGH AADHAAR BASED E-KYC – DIGITAL REVOLUTION

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....NSTANT PAN THROUGH AADHAAR BASED E-KYC – DIGITAL REVOLUTION<br>By: - CSLalit Rajput<br>Income Tax<br>Dated:- 30-5-2020<br><br>Key highlight: * FM launches facility of Instant PAN through Aadhaar based e-KYC 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). * Abo....

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....ut 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 furthe....

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....r 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 turnaroun....

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....d 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 websi....

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....te 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 o....

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....n 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<br> Scholarly articles for knowledge sharing by authors, experts, professionals ....