Business

I-T dept to issue PAN instantly online

I-T dept to issue  PAN instantly online
New Delhi, Nov 5 (Agencies) | Publish Date: 11/5/2019 11:22:11 AM IST

In a bid to promote digitisation, the Income Tax (I-T) Department is set to launch a facility to issue permanent account number (PAN) instantly online, a move which will end the applicants’ waiting time. The process will be done using details available in one’s Aadhaar database.

The service will reportedly be free and launched in the next few weeks. The facility will also be useful to those who have lost their PAN cards and need a new issued. 

Those who want an electronic PAN (ePAN) will have to quote their Aadhaar number following which a one-time password (OTP) will be sent on their mobile number. The OTP will be used to verify Aadhaar details.

Since Aadhaar card carries personal data, there is no need to upload any document barring some basic information. Following the generation of a PAN, the applicant will be issued a digitally signed ePAN. It will have a QR code to capture the demographic data and the photo of the applicant. The information in QR code will be encrypted to prevent any forgery attempt.

As per reports, the I-T Department has issued as many as 62,000 ePANs over the last week and are now planning to make the facility available to all tax payers.

As per Reserve Bank of India (RBI) guidelines, any resident entities that have made financial transactions worth Rs 2.5 lakh or more in the last fiscal will have to disclose their PAN card number. 

The rule applies to all non-individual entities, be it a company, charitable trust, LLP, association of persons, body of individuals or Hindu Undivided Family (HUF). In case you do not have PAN card, you will have to sign Form 60 declaration.

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