In a collaborative initiative by Central Board Direct Taxes and Ministry of Company Affairs MCA, Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) will be issued in one day to business entities.
The initiative will reduce the time taken for allotment as well as number of processes for registration and contribute towards Ease of doing business in India.
Applicants have to submit a common application (INC 32) on MCA portal. The data of incorporation will be sent to CBDT. With this data the PAN & TAN will be issued immediately without any further intervention of the applicants in one day.
In a step forward to digitalizing India, CBDT has introduced the Electronic PAN Card (E-PAN). The facilities are available to all including individuals. Applicant can submit E-PAN as proof of identity to other agencies electronically directly or by storing in the Digital Locker (https://digilocker.gov.in).
Till 31st March 2017, around 19,704 newly incorporated Companies were allotted PAN in the above manner.