In a bid to promote digitisation, the Income Tax (I-T) Department is set to launch a facility to issue permanent account number (PAN) instantly online, a move which will end the applicants’ waiting time. The process will be done using details available in one’s Aadhaar database.
The service will reportedly be free and launched in the next few weeks. The facility will also be useful to those who have lost their PAN cards and need a new issued. Those who want an electronic PAN (ePAN) will have to their Aadhaar number following which a one-time password (OTP) will be sent on their mobile number. The OTP will be used to verify Aadhaar details.
Since Aadhaar card carries personal data, there is no need to upload any document barring some basic information.
Following the generation of a PAN, the applicant will be issued a digitally signed ePAN. It will have a QR code to capture the demographic data and the photo of the applicant. The information in QR code will be encrypted to prevent any forgery attempt.
As per reports, the I-T Department has issued as many as 62,000 ePANs over the last week and are now planning to make the facility available to all tax payers.
As per Reserve Bank of India (RBI) guidelines, any resident entities that have made financial transactions worth Rs 2.5 lakh or more in the last fiscal will have to disclose their PAN card number. The rule applies to all non-individual entities, be it a company, charitable trust, LLP, association of persons, body of individuals or Hindu Undivided Family (HUF). In case you do not have PAN card, you will have to sign Form 60 declaration.Here’s how to download e-PAN:
- An applicant can apply for e-PAN through UTI-ITSL.
- Go to the official website, NSDL or the UTIITSL and click on the option “Apply for new PAN card (Form 49A).
- If you want a physical PAN card along with e-PAN, you need to pay Rs 107. If you need only the e-PAN, the charge is Rs 66
- Enter the required information (Like PAN number, Aadhaar details, date of birth)
- Upload image of signature and a recent photograph in the prescribed format
- Do the payment, through net banking, debit/credit or DD
- After the payment, a unique 15 digit number will be given for further correspondence
- After verification, your PAN card will be dispatched to the given address