New-pancard-design

Digitally Signed E-PAN Card

PRESS RELEASE, DATED 11-4-2017

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

The 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 a PAN in this manner. During March 2017, of the 10,894 newly incorporated companies, PAN was allotted within 4 hours in 95.63% cases and within 1 day in all cases. Similarly, TAN was allotted to all such companies within 4 hours in 94.7 % cases and within 1 day in 99.73% cases.

CBDT’s initiative in starting 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 the 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, the issue of the physical PAN Card, to all applicants including individuals where PAN is allotted. The applicant would be benefited by having a digitally signed E-PAN card which they can submit as proof of identity to another agency electronically directly or by storing in the Digital Locker (https://digilocker.gov.in).

One thought on “Digitally Signed E-PAN Card

  1. Bablofil

    Thanks, great article.

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