Tuesday, 3 July 2018

Aadhaar Based Instant PAN Allotment System introduced

Instant Aadhaar-based PAN allotment service for the people who are seeking to obtain the unique identity for the first time has been introduced now by Income Tax department.

IT Dept has said " This facility is
free of cost and instant allotment of e-PAN is available only for a limited period on first-come-first-serve basis for valid Aadhaar holders". This feature has been introduced as their is raise in the number of individuals applying to obtain the Permanent Account Number (PAN) for their financial and tax matters.

IT said " A fresh PAN will be allotted on the basis of a one-time password (OTP) sent over the "active mobile number" linked with the valid Aadhaar number of a person, the advisory said. The new PAN, obtained by this mechanism, will have the same name, date of birth, gender, mobile number and address that is present in the individual's Aadhaar"

It also added " The e-PAN facility is only for resident individuals and not for Hindu Undivided Family (HUF), firms, trusts and companies etc,"

Official said " Once the PAN is allotted to an applicant through his electronic Aadhaar-based verification system in a few seconds, the applicant will be sent the PAN card by post in sometime"

Official portal of the department says " This is one more initiative that leverages the Aadhaar database to quickly disburse/allot a government service"

It is known that PAN-Aadhaar linking last date has been extended to March 31 next year. According to Section 139 AA (2) of the Income Tax Act, every person having PAN as on July 1, 2017, and eligible to obtain Aadhaar, must intimate his Aadhaar number to the tax authorities.

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