CBDT issues PAN & TAN within 1 day to improve Ease of Doing Business

CBDT issues PAN & TAN within 1 day to enhance Ease of Working. In order to enhance the Ease of Doing Business for recently integrated corporates, CBDT has consolidated Ministry of Corporate Affairs (MCA) to provide Permanent Account Number (PAN) and Tax Reduction Account Number (TAN) in 1 day.

Candidate business submit a common application type SPICe (INC 32) on MCA portal and as soon as the data of incorporation is sent out to CBDT by MCA, the PAN and TAN are issued instantly without any further intervention of the applicant. The Certificate of Incorporation (COI) of freshly integrated companies includes the PAN in addition to the Corporate Identity Number (CIN).

Till 31 st March 2017, 19,704 freshly integrated Companies were allocated PAN in this way. During March, 2017, of the 10,894 newly included companies, PAN was set aside within 4 hrs in 95.63% cases and within 1 day in all cases. TAN was allotted to all such companies within 4 hrs in 94.7 % cases and within 1 day in 99.73% cases.

Also Read: CA Final Law Book By Munish Bhandari For May 2018 – Detailed Edition

CBDT’s effort in starting of an organization is expected to significantly improve the ranking of India in the Ease of Working Research study performed by World Bank by minimizing the number of procedures of registration prior to numerous authorities under law, reducing the time taken for allocation of the registration number (CIN, PAN, TAN) and making the whole registration process for brand-new business much simpler.

CBDT has likewise presented the Electronic PAN Card (E-PAN) which is sent by e-mail, in addition to issue of the physical PAN Card, to all candidates consisting of people where PAN is allocated. Candidate would be benefited by having actually a digitally signed E-PAN card which they can submit as proof of identity to other company electronically straight or by saving in the Digital Locker (https://digilocker.gov.in).

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