Income Tax Department Current Affairs

Income Tax department launches instant e-PAN card service

The Income Tax Department has launched instant Aadhaar-based e-PAN allotment service for individuals seeking PAN (Permanent Account Number) service for the first time. This facility is free of cost and is available for a limited period on first-come, first-served basis for valid Aadhaar holders. It was introduced because of increasing number of people applying for PAN. A

Key Facts

The e-PAN will be allotted on basis of one-time password (OTP) sent on mobile number linked to Aadhaar number of a person. It will have the same name, date of birth, gender, mobile number and address as in Aadhaar. This facility is only for resident individuals and not for Hindu Undivided Family (HUF), firms, trusts and companies,” the advisory said. Once e-PAN is allotted to applicant through his electronic Aadhaar-based verification system in few seconds, the applicant will be sent the PAN card by post. The process can be done at the official portal of the department: https://www.incometaxindiaefiling.gov.in.

Permanent Account Number (PAN)

PAN is a ten-digit alphanumeric number, issued by the Income Tax Department of India in form of a laminated tamper proof card. It was introduced to facilitates linking of various documents, including payment of taxes, assessment, tax demand, tax arrears etc. relating to an assesses for widening of tax base and detecting and combating tax evasion. Its purpose is to facilitate easy retrieval of information and facilitate matching of information relating to investment, raising of loans and other business activities of taxpayers collected through various sources, both internal as well as external. PAN is unique to individual or entity and it is valid across India. Once allotted to individual or entity, it is unaffected by change of name, address within or across states in India or other factors. It enables department to link all transactions of person with IT Department.

Month: Categories: India Current Affairs 2018

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