Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman formally introduced the Instant PAN Allocation Facility on 28 May.
This facility is now available to those PAN applicants who have a valid Aadhaar number and a mobile number registered with Aadhaar. The allocation process is paperless and an electronic PAN (e-PAN) is given free of charge to the applicants.
In order to further simplify the process of allotment of PAN, government will soon launch a program under which PAN will be instantly allocated online on the basis of Aadhaar without any need to fill out a comprehensive application form.
The Instant PAN facility via Aadhaar-based e-KYC was formally launched today, but its trial-based ‘Beta’ version was launched on 12 February 2020 on the Income Tax Department’s e-filing website. Since then, 6.77.680 instant PANs have been allocated with a processing period of around 10 minutes, until 25 May 2020.
It may also be noted that, as at 25.05.2020, a total of 50.52 crore PANs have been allocated to taxpayers, out of which approximately 49.39 crore are allocated to individuals and more than 32.17 crore are so far seeded with Aadhaar.
The Process for Applying instant PAN is Very Simple
- Instant PAN applicants are required to access the Income Tax Department’s e-filing website to provide their valid Aadhaar number and then send the received OTP to their registered Aadhaar mobile number
- After successful completion of this process, a 15-digit recognition number is generated
- If required, the applicant may, at any time, check the status of the request by providing its valid Aadhaar number and on successful assignment, download the e-PAN
- The e-PAN will also be sent to the applicant via e-mail if it is registered with Aadhaar
The introduction of the Instant PAN facility is yet another move by the Income Tax Department towards Digital India, making it ease of compliance for taxpayers
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