CBDT issues PAN, TAN to over 19000 New Companies within a Day

The Union Government takes another firm step towards Ease of Doing Business for newly incorporated companies across the country as the Central Board of Direct Taxes (CBDT) has tied up with the Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) within a day.

The Income Tax department on Tuesday said it has issued PAN within a day to 19,704 newly incorporated companies till March 31, 2017. During March 2017, of the 10,894 newly incorporated companies, PAN was allotted within 4 hours in 95.63 per cent cases and within one day in all cases.

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.

CBDT, the apex policy making body of the Income Tax department, has also introduced the Electronic PAN Card (E-PAN) which is sent by e-mail, in addition to issue of the physical PAN Card, to all applicants including individuals where PAN is allotted.

“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 said in a statement.