New Delhi: As previously announced in the Union Budget, Finance Minister Nirmala Sitharaman has today formally introduced the facility for immediate allocation of PAN cards using Aadhaar-based e-KYC. This facility is now available to all Permanent Account Number (PAN) applicants who have a valid Aadhaar number and who have a mobile number registered in the UIDAI database.
Scheduled on a real-time basis, the allotment process is paperless and an electronic PAN (e-PAN) is issued free of cost to applicants by the Income Tax Department.
Although the instant PAN facility through Aadhaar-based e-KYC was formally launched today, however, its 'beta version' on trial basis has been on the e-filing website of the I-T department since February.
In a release, the department said that over 6.7 lakh instant PAN cards have been allocated to taxpayers since then. The turnaround time has been about 10 minutes.
The process of applying for an instant PAN card is very simple. Go to the e-filing website of the Income Tax Department, share your Aadhaar number and submit the OTP generated on the Aadhaar registered mobile number.
Upon completion of this process, a 15-digit acknowledgment number will be generated. Once allotted, the e-PAN card can be downloaded from the portal. The e-PAN is also sent to the applicant on an email ID when registered with Aadhaar.
The Income Tax Department said that on May 25, a total of 50.52 crore PANs have been allocated to taxpayers, out of which around 49.39 crore have been allocated to individuals and more than 32.17 crore Aadhaar is still basic.
It is mandatory to link your PAN card to Aadhaar within 30 June this year, failing which it will become inoperative. The Income Tax Department has allowed all income tax payers to use their Aadhaar number in lieu of PAN.
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