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PAN Card is a Permanent Account Number which consists of 10 digits alphanumeric characters and is assigned to every taxpayer in India. It is a computer-based system that assigns a unique identification number to every Indian taxpaying entity. PAN is mandatory for financial transactions and enables taxpayers to carry on various financial transactions easily. It also helps the IT Department to ensure that the taxes are paid collectively. The Income Tax department launched an Aadhaar based instant e-PAN allotment. Earlier people were required to fill up the forms and submit documents to get a PAN, which would take up to 15 days. However, after the onset of instant e-PAN allotment, the process of making a PAN Card has become faster and comfortable
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e- PAN is a digitally signed PAN card issued in electronic format by the Income Tax Department. For this, the applicant needs to have a valid Aadhaar number. The applicant needs to fulfil the following criteria to apply for instant e PAN:
ITR Filing between 1st August to 31st December –Rs. 5000/-
ITR Filing after 31st December –Rs. 10,000/-
An application for a PAN can be made through the NSDL[1] website or UTIITSL portal. It is available free of cost for new applicants and also for those who have applied for any changes/corrections in their PAN details within one month of it being used. However, UTIITSL charges Rs 8.26(including taxes) for every download request. The payment can be made online. Applicants those who had applied for PAN through the NSDL portal in the past can also download e- PAN from the same.
While making the application it’s up to the applicant whether he wants both physical PAN card and an e-PAN or just an e-PAN if an applicant wants physical PAN along with e-PAN, he gets charged around Rs.107, and if he needs only the e-PAN, then charges are Rs66.
The new facility of instant e-PAN started by the Income Tax Department will surely save some time and effort of people. However, it has been specially mentioned in the portal that this service is for a limited period. So, if you don’t have a PAN card yet, now is the right time to get it.
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