Now get PAN and TAN numbers in one day

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. It will improve the Ease of Doing Business for new corporates.
The Income Tax department today said it has issued Permanent Account Number (PAN) within a day to 19,704 newly incorporated companies till March 31, 2017. Similarly, TAN was allotted to all such companies within 4 hrs in 94.7 per cent cases and within 1 day in 99.73 per cent cases.

In addition to physical PAN card, CBDT has introduced the Electronic PAN (e-PAN) card, which is sent by email to all applicants, including individuals.

“Applicant would be benefited by having a digitally signed E-PAN card which they can submit as proof of identity to other agency electronically directly or by storing in the Digital Locker (https://digilocker.gov.in),” CBDT, the apex policy making body of the Income Tax department, said in a statement.

Applicant companies submit a common application form SPICe (INC 32) on MCA portal and once the data of incorporation is sent to CBDT by the MCA, PAN and TAN are issued immediately without any further intervention of the applicant.

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,” the statement added.

It also said that ”CBDT’s initiative in starting of a business is expected to improve the ranking of India in the Ease of Doing Business Study conducted by World Bank by reducing the number of processes of registration before various authorities under law, reducing the time taken for allotment of the registration number (CIN, PAN, TAN) and making the entire registration process for new companies much simpler”.