You will now be able to get a new PAN card for free in just 10 minutes by applying for an electronic PAN (e-PAN) card using an Aadhaar-based e-KYC. Nirmala Sitharaman, the Finance Minister, has formally launched this facility. All Permanent Account Number (PAN) applicants possessing a valid Aadhaar number and having their mobile numbers registered in the UIDAI database will now be able to access this facility.
The ‘Beta version’ of the facility has been on the e-filing website of the income tax (IT) department on a trial basis since February. The process of allotment is paperless, and an e-PAN is issued to an applicant by the income tax department. The department also mentioned in a release that over 6.7 lakh instant PAN cards had been allocated to taxpayers within a turnaround time of about 10 minutes.
The procedure of applying for an instant PAN card is simple. You will just need to visit the e-filing website of the IT department, share your Aadhaar number, and enter the OTP generated on the Aadhaar-registered mobile number.
Upon completion of this process, a 15-digit acknowledgement number will be generated. Once the allocation is done, the e-PAN card can be downloaded via the portal. The e-PAN will also be sent to an applicant on the email ID registered with Aadhaar.
According to the income tax department, a total of 50,52 crore PANs have been allocated to taxpayers as of 25 May, of which about 49,39 crore has been allocated to individuals and so far over 32,17 crore have been seeded with Aadhaar.
It is compulsory to link your PAN card with Aadhaar by 30 June of this year; otherwise, it will become inoperable. The IT department also allowed all income taxpayers to use their Aadhaar number instead of the PAN.
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