Finance Minister launches facility of Instant PAN through Aadhaar based e-KYC

Highlights:

  • Finance Minister Nirmala Sitharaman has officially launched the facility of instant PAN through Aadhaar based e-KYC on 28 May. 
  • The facility is in line with the announcement made in the Union Budget.
  • The new facility is now available for those PAN applicants who possess a valid Aadhaar number and have a mobile number registered with Aadhaar. 
  • The electronic PAN (e-PAN) is issued to the applicants free of cost.
Objectives:
  • Instant PAN facility to further ease the process of allotment of PAN. It shall be instantly allotted online on the basis of Aadhaar without any requirement for filling up of detailed application form.
  • The facility of instant PAN through Aadhaar based e-KYC's 'Beta version' on a trial basis was started on 12 February 2020 on the e-filing website of the Income Tax Department.
  • During its trial, 6,77,680 instant PANs have been allotted till 25 May 2020.
  • Over 50.52 crore PANs have been allotted to the taxpayer, so far. 
  • Around 49.39 crore is allotted to the individuals and more than 32.17 crore are seeded with Aadhaar.
  • The instant PAN applicant is required to access the e-filing website of the IT Department to provide the individual's valid Aadhaar number and then submit the OTP received on her/his Aadhaar registered mobile number.
  • Upon successful completion, a 15-digit acknowledgment number is generated.
  • The status of the application can be checked anytime by providing her/his valid Aadhaar number and on the successful allotment, can download the e-PAN.
  • The e-PAN will be sent to the applicant on her/his email id if it is registered with Aadhaar.
  • The launch of the Instant PAN facility will help the Income Tax (IT) Department towards Digital India. 
  • It will create further ease of compliance with the taxpayers.