New Delhi: Union Finance Minister Nirmala Sitharaman on Thursday launched the facility for instant allotment of PAN.
This facility is now 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.
Here is how to apply for instant PAN through Aadhaar based e-KYC
– The process of applying for instant PAN is very simple.
– The instant PAN applicant is required to access the e-filing website of the Income Tax Department to provide your valid Aadhaar number
– Then submit the OTP received on your Aadhaar registered mobile number.
– On successful completion of this process, a 15-digit acknowledgment number is generated.
– You can check the status of the request anytime by providing your valid Aadhaar number and on successful allotment, can download the e-PAN.
– The e-PAN is also sent to you one your email id, if it’s registered with Aadhaar.
The Beta version of the instant PAN through Aadhaar based e-KYC on trial basis was started in February this year 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, May 2020, an official release said.
As on May 25, 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 32.17crore are seeded with Aadhaar so far.
It may be recalled that in the Union Budget, 2020, FM had announced to launch instant PAN facility shortly.