The income tax department is working on a processing centre for the allotment of e-PAN on a real-time basis, Minister of State for Finance Anurag Thakur informed Parliament.
“Real-time PAN/TAN Processing Centre (RTPC) is being contemplated for future with the objective of allotment of e-PAN through Aadhaar based e-KYC (Know Your Customer) on near to real-time basis (in less than 10 minutes),” Anurag Thakur said in a written reply to a question in the Lok Sabha.
The government has initiated or proposed to initiate projects to further improve the technology backbone of the Income Tax department which would result in enhanced time-bound services to the taxpayers in addition to increasing their voluntary compliance, he said.
The I-T department is working on a real-time PAN-TAN center to further reduce the time required to allot PAN, particularly for the applicant’s applying through ‘Aadhaar-based e-KYC’ route by bringing suitable upgradation in the allotment processes and infrastructure.
Tax Deduction and Collection Account Number (TAN) is a 10-digit alphanumeric number which every tax deductor is required to quote while making any tax paid to the Central Government.
Permanent Account Number (PAN) is a 10-digit alphanumeric code issued by the I-T department to uniquely identify taxpayers.
(With Agency inputs)
The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.
Get a chance to meet the Who's who of the BFSI industry. Join Us for 9th NBFC100 Tech Summit, New Delhi and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.
