For greater ease of doing business in the country, the Centre has tweaked its norms to allow issuance of PAN and Tax Deduction Account Number (TAN) within a day. The government has introduced the facility for corporates allowing them to apply for TAN using digital signatures, while individuals can now get a new PAN through Aadhaar-based e-signature facility which will reduce the effective time in allotment of the unique I-T department issued number by half.
Under the new process PAN and TAN would be allotted within one day after completion of valid on-line application. Besides, a new Aadhaar e-Signature based application process for individual PAN applicants has also been made available on the portals of PAN service providers. The new measures are specifically aimed to ensure ease of doing business in the country and help taxpayers in getting PAN quickly.
“The PAN number has been made the unique business identifier for all different categories of
businesses not only for assessees of the Income Tax department but also for other organisations,” an official said.