In a move that will end waiting time for applicants, the Income Tax Department will soon launch an online service where permanent account number (PAN) can be availed instantly. You would mandatorily need your Aadhaar number to avail this facility. The process would also involve the use of a one time password (OTP) on your registered mobile number and verification of details through the Aadhaar database to issue PAN.
The Income Tax Department issues PAN numbers to income taxpayers and it helps in tax evasion by keeping track of all financial transactions of an individual.
This year’s Union Budget had announced that Aadhaar and PAN can be used interchangeably to file your income tax returns. So it is mandatory to link your PAN with Aadhaar.
Usually, to get PAN, an individual requires to fill a form and submit the same along with some documents. This entire process of issuing a PAN card takes up to 15 days.
According to reports, the online process of getting e-PAN would not require any documents like birth certificate or address proof as the information available through the Aadhaar database will be used. You may be asked to upload a recent photograph along with your signature in the given format.
Since Aadhaar has a major role to play in our lives, it would be wise to check if all your details are correct in the database. For both physical and e-PAN card, you would be required to pay Rs. 107 and Rs. 66 for e-PAN.
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