Soon the taxpayers will be able to obtain new PAN (Permanent Account Number) card without even filling the detailed application form. The new facility would be available for those with Aadhaar card.
Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2020 on Saturday told that Aadhaar-based verification of taxpayers is being introduced. For the ease and convenience of taxpayers, Sitharaman said soon a system will be launched for instant online allotment of Permanent Account Number on the basis of Aadhaar card, without the requirement of filling the application form.
Sitharaman said, "In order to further ease the procedure of allotment of PAN, we will soon launch a system under which PAN will be instantly allotted online on the basis of Aadhaar without any need for filling up of detailed application form".
It must be noted that since last year, Aadhaar Card and PAN cards have been made interchangeable for income tax purposes. Also it is mandatory to link your PAN with Aadhaar card till 31st March 2020.
PAN card is an important identity proof for all the individuals in India including farming community and is basically required for purposes like opening bank account, filing Income Tax Return, conducting financial transactions etc.
The income tax department issues PAN card via two agencies i.e. NSDL and UTI-ITSL. At present, it takes more than one month to get a new pan card but with this new facility, people will instantly obtain their Permanent Account Number. All they need to have is a valid Aadhaar card. After that go to the income tax office with it and apply for PAN Card.
For more information and updates, you can visit the income tax department website - https://www.incometaxindia.gov.in/
