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

SHARE:

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
11-April-2017 13:00 IST

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

In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day.

Applicant companies submit a common application form SPICe (INC 32) on MCA portal and once the data of incorporation is sent to CBDT by MCA, the PAN and TAN are issued immediately without any further intervention of the applicant. The Certificate of Incorporation (COI) of newly incorporated companies includes the PAN in addition to the Corporate Identity Number (CIN). TAN is also allotted simultaneously and communicated to the Company.

Till 31st March 2017, 19,704 newly incorporated Companies were allotted PAN in this manner. During March, 2017, of the 10,894 newly incorporated companies, PAN was allotted within 4 hrs in 95.63% cases and within 1 day in all cases. Similarly, TAN was allotted to all such companies within 4 hrs in 94.7 % cases and within 1 day in 99.73% cases.

CBDT’s initiative in starting of a business is expected to significantly improve the ranking of India in the Ease of Doing Business Study conducted by World Bank by reducing the number of processes of registration before various authorities under law, reducing the time taken for allotment of the registration number (CIN, PAN, TAN) and making the entire registration process for new companies much simpler.

CBDT has also introduced the Electronic PAN Card (E-PAN) which is sent by email, in addition to issue of the physical PAN Card, to all applicants including individuals where PAN is allotted. Applicant would be benefited by having a digitally signed E-PAN card which they can submit as proof of identity to other agency electronically directly or by storing in the Digital Locker (https://digilocker.gov.in).

(Meenakshi J. Goswami)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT.

COMMENTS

Name

80-c,1,80D,1,aadhar,1,accounts,2,amazon,2,audit,2,banks,6,deduction,1,download,9,earning-tips,3,excel,7,exempt-income,1,flipkart,1,gst,35,icai,1,income-tax,25,income-tax-news,17,mf,1,ngo,2,pan,2,service-tax,1,sft,1,sponsered,3,tally,4,tds,2,vat,1,
ltr
item
DGfreebies Dg's Blog: CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business
CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business
DGfreebies Dg's Blog
http://www.dgfreebies.com/2017/04/pan-in-1-day.html
http://www.dgfreebies.com/
http://www.dgfreebies.com/
http://www.dgfreebies.com/2017/04/pan-in-1-day.html
true
2873352319085116735
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy