Kautilya Academy 28-05-2020
The Union Finance Minister Nirmala Sitharaman on May 28 has launched the facility of instant allotment of PAN on near-to hear time basis.
The facility will be available for those PAN applicants who have a valid Aadhaar number and also have their mobile number registered with Aadhaar. The process will be paperless and an electronic PAN (e-PAN) will be issued to applicants without any cost.
The launch of the instant PAN facility by finance ministry can be counted as another step towards Digital India by the Income Tax Department, it will create further ease of compliance to the taxpayers.
Launch of Instant PAN facility:
Finance Minister had announced to launch the instant PAN facility in the Union Budget 2020. She had also stated that in order to ease the process of allotment of PAN, a system will be launched under which PAN will be instantly allotted online on the basis of Aadhaar and there will be no requirement of filling the application form.
While the formal launch of instant PAN facility through Aadhaar based e-KYC was on May 28, its ‘beta version’ on trial basis had already started on February 20, 2020, on the e-filing website of Income Tax Department. Since then, 6,77,680 instant PANs have been allotted to the applicants with a turnaround time of about 10 minutes, till May 25, 2020.
It must be underlined that as on May 25, 2020, a total of 50.52 crore PANs have been allotted to the taxpayers of the country. Out of it, 49.39 crore has been allotted to the individuals and more than 32.17 crore have been seeded with the Aadhaar Card so far.
Process of applying for Instant e-PAN:
• The instant PAN applicant will be required to access the e-filling website of the Income Tax Department.
• They must provide their valid Aadhaar number and then submit the OPT which will be received on their Aadhaar registered mobile number.
• A 15-digit acknowledgment number will be generated on the successful completion of this process.
• To check the status of the request, the applicant must provide their valid Aadhaar number.
• On successful allotment, e- PAN can be easily downloaded.
• The e-PAN can also be sent on the applicant’s email id if it has been registered with their Aadhaar number.