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Now you can get a Permanent Account Number (PAN) instantly. Finance Minister Nirmala Sitharaman on Thursday launched a new facility for issuance of PAN on the basis of e-KYC (Know Your Customer/Client) to be completed with Aadhaar.
The new 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 free of cost. The Union Budget 2020 had said that instant PAN facility will be launched shortly.
This new facility’s ‘Beta version’ was started on trial basis on February 12 on the e-filing website of Income Tax Department. Since then over 6.77 lakhs instant PANs have been allotted with a turnaround time of about 10 minutes.
The process of applying for instant PAN is very simple. The applicant is required to access the e-filing website of the Income Tax Department (www.incometaxindiaefiling.gov.in) to provide her/his valid Aadhaar number and then submit the OTP (One Time Password) received on her/his Aadhaar registered mobile number.
After this process, a 15-digit acknowledgement number is generated. If required, the applicant can check the status of the request any time by providing her/his valid Aadhaar number and on successful allotment, 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.
PAN is the 10-character alpha-numeric identity issued by the Income Tax Department, while Aadhaar is a 12-digit unique identity issued by the Unique Identification Authority of India (UIDAI). Quoting PAN is mandatory in 18 types of financial transactions.
These include all transactions related to the sale or purchase of a motor vehicle or vehicle (not including two-wheelers), opening a bank account (not including Jan Dhan Account or a basic account), making an application for issue of credit or debit card, and opening a demat account.
As on May 25, 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 32.17crore are seeded with Aadhaar .
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