Finance
Minister, Nirmala Sitharaman on 28th May 2020, launched the facility
for instant allotment of PAN card using Aadhar based E-KYC as announced
in the union budget earlier. This facility is available for anyone who
possess a valid Aadhar number and a mobile number registered in the
UIDAI Database.
The
trial version of this facility has been available since February 2020
and as per a Finance Ministry Statement, approx. 6.8 lakh instant PANs,
with a turnaround time of about 10 minutes, have already been allotted.
The
allotment process is paperless and an electronic PAN (E-PAN) is issued
to the applicants free of cost by the Income Tax department. The process
of applying for Instant PAN number is extremely simple. First, go to
the e-filing website of the Income Tax department, then share your
Aadhar number and submit the OTP that has been generated on the Aadhar
registered mobile number.
After
the completion of this process, a 15-digit acknowledgement number will
be generated. Once allotted, the E-PAN card can be downloaded from the
portal. The E-PAN may also be sent to the applicant’s e-mail id, if
registered with Aadhar.
According
to the Income Tax Department, on 25th May, a total of 50.52 crore PANs
have been allotted to the taxpayers, out of which around 49.39 crore are
allotted to individuals and more than 32.17 crore have been seeded with
Aadhar so far.
It
is said to be mandatory to link your PAN card with Aadhar till June
30th this year, failing which the PAN card will be inoperative. The IT
department has also allowed all the income tax taxpayers to use their
Aadhar number in lieu of PAN.
Originally published on www.kpalegal.com on 24th June 2020
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