NEW DELHI : As announced within the Union Budget earlier, minister of finance Nirmala Sitharaman today formally launched the power for fast allotment of PAN card using Aadhaar-based e-KYC. the power is now available for all those Permanent Account Number (PAN) applicants who possess a legitimate Aadhaar number and have a mobile number registered within the UIDAI database.
Issued on a almost real time basis, the allotment process is paperless and an electronic PAN (e-PAN) is issued to the applicants freed from cost by the tax department.
Although the power of instant PAN through Aadhaar based e-KYC was launched formally today, however, its ‘Beta version’ unproved basis has been on the e-filing website of I-T department since February.
In a release, the department said since then quite 6.7 lakh instant PAN cards are allotted to taxpayers. The turnaround has been almost 10 minutes.
The process for applying for fast PAN card is very simple . attend the e-filing website of the tax Department, share your Aadhaar number and submit the OTP generated on the Aadhaar registered mobile number.
On completion of this process, a 15-digit acknowledgment number are going to be generated. Once allotted, the e-PAN card are often downloaded from the portal. The e-PAN is additionally sent to applicant on the e-mail id, if registered with Aadhaar.
The tax department said as on May 25th, a complete of fifty .52 crore PANs are allotted to taxpayers, out of which, around 49.39 crore are allotted to individuals and quite 32.17 crore are seeded with Aadhaar thus far .
It is mandatory to link your PAN card with Aadhaar within June 30 this year, failing which it'll become inoperative. The tax department has also allowed all tax payers to use their Aadhaar number in lieu of PAN.