Instant PAN through Aadhaar based E-KYC : A Digital Revolution
Key Highlights :
> FM launches facility of Instant PAN through Aadhaar based e-KYC.
> This announcement was announced in the Union Budget, 2020.
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 for free of cost.
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.
Official Source : https://www.pib.gov.in/PressReleseDetail.aspx?PRID=1627434
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AUTHOR : CS LALIT RAJPUT (CLICK HERE TO VIEW PROFILE)
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