FM launches facility of Instant PAN through Aadhaar based e-KYC.
- In line with the announcement made in the Union Budget, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman formally launched the facility for instant allotment of PAN (on near to real time basis).
- 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.
- 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.”
- The facility of instant PAN through Aadhaar based e-KYC has been launched formally today, however, its ‘Beta version’ on trial basis was started on 12th Feb 2020 on the e-filing website of Income Tax Department.
- Since then onwards, 6,77,680 instant PANs have been allotted with a turnaround time of about 10 minutes, till 25th May 2020.
- The instant PAN applicant is required to access the e-filing website of the Income Tax Department to provide her/his valid Aadhaar number and then submit the OTP received on her/his Aadhaar registered mobile number.
- On successful completion of this process, a 15-digit acknowledgment number is generated. If required, the applicant can check the status of the request anytime by providing her/his valid Aadhaar number and on successful allotment, 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.
- The launch of the Instant PAN facility is yet another step by the Income Tax Department towards Digital India, thereby creating further ease of compliance to the taxpayers.