New Pancard to be issued in 5 Mins using Aadhaar e-KYC
Govt of India is eager to bring down the time required for registering within tax regime – be it PAN Card or the very process of filing taxes. As per new reports coming in, Central Board of Direct Taxes, which oversees and controls Income Tax Department, is planning a big revolution in the income tax regime. From now on, PAN Card would be issued in 5 minutes, using Aadhaar based e-KYC.
As per officials, PAN Card, which took 45-60 days to be issued earlier, is being compared with SIM Card in terms of service delivery. And connecting the dots, the IT Dept. is now thinking that if SIM Cards can be issued in 5 minutes using Aadhaar based e-KYC, then why not PAN Card?
An IT official said, “If a SIM can be issued through e- KYC, then the same can be done for PAN,”
Here is a finer detail: PAN Card number would be issued in 5 minutes flat, but the delivery of the card would take some time (1-3 weeks). Apart from this, the Income Tax department is developing an app that will soon allow assessees to pay taxes.
Directorate of Systems along with Corporate Affairs Ministry and Central Board of Direct Taxes are coordinating together to make this system work and execute swiftly. Considering the security risks and confidential data involved, this application would be developed in-house by CBDT, and no outside agency would be involved.