If you have the Aadhaar Id and your mobile number registered with it and qualify as an individual applicant then you can apply for electronic or e-PAN via the e-filing portal of the department of income tax.
Currently the service is not available to HUFs, trusts, firms, companies and minors. Also, non-resident individuals are not eligible to get e-PAN.
PAN is a handy document for the department as it enables to know, verify and scrutinize all transactions, tax payments and returns of the concerned. Some of the transactions wherein PAN is to be necessarily quoted include
1. Purchase or sale of immovable asset valued over Rs. 10 lakh
2. Transactions in RBI bonds over Rs. 50,000
3. When opening bank or demat account
4. Purchase or sale of a motor vehicle
5. Also at the time of filing ITR if their income for the year is taxable
What is electronic or e-PAN?
The electronic or e-PAN is a digitally signed PAN card issued in an electronic format. The limited period offer is available from June 29 and on a first come first serve basis. Also, as against the physical PAN which requires submission of some documents as valid ID and address proof and fee. The e-PAN shall be issued for free of cost.
How to apply for e-PAN?
Individuals without PAN and in possession of valid aadhaar number with updated mobile number can apply for e-PAN by visiting the e-filing portal.
The e-KYC will be done using the OTP sent to the registered mobile number with the aadhaar.
And doing away with the need to provide supporting documents, e-PAN is issued based on the data extracting from the aadhaar database.
But notably, you need to upload a photo of yours and signature in required format.
For individuals, who have been issued e-PAN, no physical PAN card will be issued.