After reducing income tax rates on initial tax slabs, Jaitley and company will smoothen the roads for taxpayers this year. Soon, the employed professionals will be able to get PAN (Permanent Account Number) within a few minutes of application. Moreover, they’ll be able to pay taxes via smartphones, using the income tax department app.
How is the I-T cell planning to achieve the impossible? Let’s find out.
Get Unique PAN within Few Minutes of Application…
“If a SIM card can be issued using e-KYC, why not the PAN?”. Seems legit, isn’t it? To make life easy for millions of income tax payers across the country, the CBDT (Central Board of Taxes) is planning to issue an e-PAN number. To prevent forgeries and errors in pan application process, the Income tax department will use real-time data, that is data generated using Aadhaar card’s e-KYC facility.
How is this beneficial for the government? Since Aadhar e-KYC is generated using verified address details and biometric identification signature (thumb impressions in this case), there are fewer chances of PAN card forgery.
An I-T official notified the media houses that new PANs will be generated within five-six minutes of application. While the number will be issued in a jiffy, the card will be delivered within two to three weeks. In any case, the users can use the PAN for bank account verification and other processes.
IT Department to Launch PAN App to Ensure Hassle Free Income Tax Payment
The Ministry of Corporate Affairs and the CBDT will work in collaboration to facilitate the real-time issuing of PAN. This will not just benefit individual tax payers, but large corporate houses too, as they need PAN for generating unique business identification number.
I-T Department to Launch PAN App to Ensure Hassle-Free Income Tax Payment
To encourage more professionals to pay taxes, the IT-department will launch an app soon. Using this app, the first-time users can pay taxes online, track returns and apply for new PAN. Though the department already offers these services, introducing the app will make life easier for youngsters and senior citizens.
The government is hopeful that this move will not just generate awareness among people, but also encourage them to pay taxes on time.
