The process of obtaining a Permanent Account Number (PAN) is set to become much quicker, with the Income Tax department working on a plan to issue e-PAN cards instantly. Minister of State for Finance, Anurag Singh Thakur, informed the Lok Sabha that the government is developing a PAN/TAN processing centre aimed at issuing e-PANs in real-time, or within 10 minutes.
Here are 5 key points about the new e-PAN cards:
1) A “Real Time PAN/TAN Processing Centre (RTPC)” is being planned to allot e-PAN cards using Aadhaar-based e-KYC in less than 10 minutes, as per the minister’s statement to Parliament.
2) e-PAN cards, issued electronically with a QR code, have been valid since a 2018 notification by the Central Board of Direct Taxes (CBDT).
3) The e-PAN, a digitally signed document, is issued via email by the Income Tax department using e-KYC. It can be used as identity proof electronically by other agencies.
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4) Only Indian citizens with a valid Aadhaar card will be eligible for the e-PAN facility.
5) Efforts are underway to reduce the processing time for physical PAN cards as well, with the Income Tax department working on upgrades to streamline the allotment process, particularly for Aadhaar-based e-KYC applicants.