PAN and TAN numbers in just one day: PAN Stands for Permanent Account Number which acts as Identity for all the Indian Citizens who pay Tax. PAN is a 10-digit alphanumeric code which can be issued by each and every citizen of India. It is helpful for various purposes such as to open a new bank account, receive a taxable salary, etc. PAN is also necessary when you setup a new business. TAN stands for Tax Deduction and Collection Account Number. Now Get PAN and TAN numbers in just one day.
In order to increase the comfort of doing business for new incorporates, Central Board of Direct Taxes (CBDT) is merged with Ministry of Corporate Affairs (MCA) to provide PAN and TAN numbers in one Day.
PAN and TAN numbers in just one day
As per the current data, more than 19,700 companies were allocated PAN Card in this manner till march 31, 2017. In March 2017, to the 10,894 incorporated companies, PAN was allocated within 4 hours in 95.63 % of Cases and within one day to all the cases. Likewise, TAN was allocated to all the companies within 4 hours to 94.7 % cases and within one day in 99.73 % cases.
“Applicant companies can submit a common application form SPICe (INC 32) on the corporate affairs ministry portal (CMA) and once the data of incorporation is sent to Central Board of Direct Taxes (CBDT) by MCA, the PAN and TAN will be issued immediately without any further intervention of the applicant”, said the Ministry of Finance on April 11.
Secondly, CBDT has also started the Electronic PAN card facility. In this facility, PAN is sent by Email, in addition to issuing the Physical PAN Card.
By introducing this new system, the government wants to make the entire registration process easier. Also, it wants to decrease the number of registrations required and time taken to grant the registration number(PAN, TIN, CIN).
This new initiative is started to constantly enhance the ranking of India in the ease of doing the business study of the world bank. Due to this, there will be a decrease in the number of steps of registration for companies. Also, they can easily set up a new business.
As per the analysis of 2017, India ranked 155 in setting a business. India has fallen down to 4 places as per 2016.