"The Central Board of Direct Taxes has tied up with MCA
to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in one day," a Finance Ministry statement said.
"Applicant companies submit a common application form SPICe (INC 32) on the MCA
portal and once the data of incorporation is sent to the Central Board of Direct Taxes by MCA, the PAN
are issued immediately without any further intervention from the applicant," it said.
During the last fiscal ended March 31, "19,704 newly incorporated companies were allotted PAN
in this manner," it added.
During March 2017, of the 10,894 newly incorporated companies, PAN
was allotted within four hours in 95.63 per cent of the cases and within one day in all cases.
was allotted to all such companies within four hours in 94.7 per cent cases, and within one day in 99.73 per cent cases, the Ministry said.
The Income Tax Department has also introduced the electronic PAN
Card (E-PAN), which is sent by e-mail, in addition to the issue of the physical PAN
Card, to all applicants, including to the individuals who have been allotted PAN, the statement added.