Now you can get PAN and TAN in just one day

Now you can get PAN and TAN in just one day

NEW DELHI: To improve the Ease of Doing Business for new corporates, Central Board of Direct Taxes (CBDT) has tied up with Ministry of Corporate Affairs to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in just 1 day. 

"Applicant companies can submit a common application form SPICe (INC 32) on the corporate affairs ministry portal and once the data of incorporation is sent to CBDT by the ministry, the PAN and TAN will be issued immediately without any further intervention of the applicant," Ministry of Finance said in a statement. 

"The Certificate of Incorporation (COI) of newly incorporated companies includes the PAN in addition to the Corporate Identity Number (CIN). TAN is also allotted simultaneously and communicated to the Company," Ministry added. 

The ministry said, 19,704 newly incorporated Companies have been allotted PAN in this manner till March 31. 

During March, 2017, of the 10,894 newly-incorporated companies, PAN was allotted within 4 hours in 95.63 per cent cases and within 1 day in all cases. Similarly, TAN was allotted to all such companies within 4 hours in 94.7 per cent cases and within 1 day in 99.73 per cent cases. 

The new system would make the entire registration process simpler, reduce the number of registration required and the time taken for allotment of the registration number (CIN, PAN, TAN). 

In another initiative, CBDT has also introduced the Electronic PAN Card (E-PAN) facility, which will be sent by email, in addition to issue of the physical PAN Card at the time of issuance. 

E-PAN would be a digitally-signed card, which can be submitted as a proof of identity to other agency electronically directly or by storing in the government's Digital Locker

The Economic Times