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11
April 2017
In
another move to improve ease of doing business in India, the Income Tax
Department has tied up with the Corporate Affairs Ministry (MCA) to issue
Permanent Account Numbers (PAN) and Tax Deduction Account Numbers (TAN) within
a day, an official said on Tuesday.
"The
Central Board of Direct Taxes has tied up with MCA to issue Permanent Account
Number (PAN) and Tax Deduction Account Number (TAN) in one day," a Finance
Ministry statement said here. The Total
Investment & Insurance Solutions
"Applicant
companies submit a common application form SPICe (INC 32) on the MCA portal and
once the data of incorporation is sent to the Central Board of Direct Taxes by
MCA, the PAN and TAN are issued immediately without any further intervention
from the applicant," it said. The Total
Investment & Insurance Solutions
During
the last fiscal ended March 31, "19,704 newly incorporated companies were
allotted PAN in this manner," it added. The Total Investment & Insurance Solutions
During
March 2017, of the 10,894 newly incorporated companies, PAN was allotted within
four hours in 95.63 per cent of the cases and within one day in all
cases.
Similarly,
TAN was allotted to all such companies within four hours in 94.7 per cent
cases, and within one day in 99.73 per cent cases, the Ministry said.
The
Income Tax Department has also introduced the electronic PAN Card (E-PAN),
which is sent by e-mail, in addition to the issue of the physical PAN Card, to
all applicants, including to the individuals who have been allotted PAN, the
statement added. The Total Investment
& Insurance Solutions
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