You will soon get PAN in minutes and also pay taxes on smartphone
Getting a permanent account number of PAN in a few minutes and also paying income tax through your smartphone may become a reality soon. Central Board of Direct Taxes is working on issuing PAN on a real-time basis using Aadhaar's e-KYC facility, a report in the Economic Times states.
Aadhaar's e-KYC facility allows an individual to verify his or her details such as address using biometric identification features like thumb impressions. "If a SIM can be issued through e- KYC, then the same can be done for PAN," the report states.
Currently the time frame to get a PAN ranges from two to three weeks. However if this process is set into motion, then the same would be issued in five to six minutes. The number would be issued first and the card delivered later, the report also states.
The report goes on to add that the CBDT and the ministry of corporate affairs have already tied up to issue PAN to new companies incorporating through a combined form in four hours. The aim is to move to real time issuing of PAN which also becomes a business identification number for companies.
Further the tax department is in the process of developing an app which will help pay taxes online. The app would also allow users to apply for PAN and even track returns. While these facilities are available online, the idea of introducing an app is aimed at making life simpler for the people who can access these services on their smartphones. While quoting sources, the report says that the two projects are being done in-house with the directorate of systems coordinating with CBDT.