PAN card is an important identity proof for all the individuals in India including farming community and is basically required for purposes like opening bank account, filing Income Tax Return, conducting financial transactions etc.
For the ease and convenience of taxpayers, Sitharaman said soon a system will be launched for instant online allotment of Permanent Account Number on the basis of Aadhaar card, without the requirement of filling the application form.
Sitharaman said, "In order to further ease the procedure of allotment of PAN, we will soon launch a system under which PAN will be instantly allotted online on the basis of Aadhaar without any need for filling up of detailed application form".
The income tax department issues PAN card via two agencies i.e. NSDL and UTI-ITSL. At present, it takes more than one month to get a new pan card but with this new facility, people will instantly obtain their Permanent Account Number. All they need to have is a valid Aadhaar card. After that go to the income tax office with it and apply for PAN Card.
It must be noted that since last year, Aadhaar Card and PAN cards have been made interchangeable for income tax purposes. Also it is mandatory to link your PAN with Aadhaar card till 31st March 2020.
