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Finance Minister launches facility of Instant PAN through Aadhaar based e-KYC - (28 May 2020)

Direct Taxation

Union Minister for Finance & Corporate Affairs formally launched the facility for instant allotment of PAN (on near to real time basis). The facility is now 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. In the Union Budget, 2020, Finance Minister had announced to launch instant PAN facility shortly in order to further ease the process of allotment of PAN. The facility of instant PAN through Aadhaar based e-KYC has been launched formally, however, its ‘Beta version’ on trial basis was started on 12th Feb 2020 on the e-filing website of Income Tax Department. Since then onwards, 6,77,680 instant PANs have been allotted with a turnaround time of about 10 minutes, till 25th May 2020.

The process of applying for instant PAN is very simple. The instant PAN applicant is required to access the e-filing website of the Income Tax Department to provide her/his valid Aadhaar number and then submit the OTP received on her/his Aadhaar registered mobile number. On successful completion of this process, a 15-digit acknowledgment number is generated. If required, the applicant can check the status of the request anytime by providing her/his valid Aadhaar number and on successful allotment, 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.

PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN enables the department to identify/ link all transactions of the PAN holder with the department. These transactions include tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence etc, and so on. It facilitates easy retrieval of information of PAN holder and matching of various investments, borrowings and other business activities of PAN holder. The launch of the Instant PAN facility is yet another step by the Income Tax Department towards Digital India, thereby creating further ease of compliance to the taxpayers.

Tags : INSTANT PAN   FACILITY   LAUNCH  

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