You are here: Home » Economy & Policy » News
Business Standard

PAN, TAN to be issued in a day for ease of doing business

CBDT and MCA tied up to issue TAN, PAN in one day

Topics
Tan

IANS  |  New Delhi 

Representational image
Representational image

In another move to improve ease of doing business in India, the Income Tax Department has tied up with the Corporate Affairs Ministry (MCA) to issue Permanent Account Numbers (PAN) and Tax Deduction Account Numbers (TAN) within a day, an official said on Tuesday.

"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 and 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.

Similarly, 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.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, April 11 2017. 14:23 IST
RECOMMENDED FOR YOU
.