In the latest Union Budget presentation by Finance Minister Nirmala Sitharaman introduced a simplified way to obtain a PAN (Permanent Account Number) instantly. The income tax department will soon have a new system which will allow an applicant
to get a PAN card without filling out a detailed application form. This facility, though, will be available exclusively to Aadhaar cardholders.
to get a PAN card without filling out a detailed application form. This facility, though, will be available exclusively to Aadhaar cardholders.
"A system to be launched soon, for instant online allotment of PAN on the basis of Aadhaar, without the need for filing an application form," said Finance Minister Nirmala Sitharaman.
"In order to further ease the process of allotment of PAN, soon we will launch a system under which PAN shall be instantly allotted online on the basis of Aadhaar without any requirement for filling up of detailed application form," Sitharaman added.
Last year, Aadhaar card and PAN have already been made interchangeable for income tax filing purposes. Also, it has been made mandatory to link PAN with the Aadhaar card before the 31 March 2020 deadline.
The income tax department issues PAN card through two agencies -- NSDL and UTI-ITSL. An individual is required to have a PAN for various purposes like filing ITR, opening a bank account, conducting financial transactions, etc.
