INSTANT PAN THROUGH AADHAAR BASED E-KYC – DIGITAL REVOLUTION

[CSLalit Rajput]

Key highlight:

• FM launches facility of Instant PAN through Aadhaar based e-KYC

Decoding the Circular:

Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs has launched the facility for instant allotment of PAN (on near to real time basis).

• About the facility availability:

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.

• This announcement was announced in the Union Budget, 2020

Para 129 of the Union Budget, 2020:  In order to further ease the process of allotment of PAN, soon we will launch a system under which PAN shall be instantly allotted online on the basis of Aadhaar without any requirement for filling up of detailed application form.”

Key Facts:

• ‘Beta version’ on trial basis was started on 12th Feb 2020 on the e-filing website of Income Tax Department.
• 6,77,680 instant PANs have been allotted with a turnaround time of about 10 minutes, till 25th May 2020.
• as on 25.05.2020, a 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 32.17 crore are seeded with Aadhaar

• About this Process:

• process of applying for instant PAN is very simple.
• Instant PAN applicant is required to access the e-filing website of the Income Tax Department
• provide her/his valid Aadhaar number and then submit the OTP received on her/his Aadhaar registered mobile number

Post successful completion:

• a 15-digit acknowledgment number is generated.
• Status Check: anytime by providing her/his valid Aadhaar number

on successful allotment,

Applicant 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.

This Instant PAN Facility is a digital revolution and will promote ease of compliance to the taxpayers.

Link - source:

Source: https://www.pib.gov.in/PressReleseDetail.aspx?PRID=1627434