On Friday, the tax department has introduced the issuance of e-PAN on the basis of Aadhaar. This move is expected to reduce the interaction of the taxpayer with the department and help in the generation of Permanent account number or PAN without any hassle.
How to generate e-PAN?
Taxpayers including resident individuals, HUFs, trusts and companies can log on to the income tax portal for generating e-PAN. The window of issuance of e-PAN is open for a limited period and on first-come first-serve basis for valid holders of aadhaar.
The issuance shall be free of cost and does not submission of any documents with the tax authorities. Basis, the aadhaar data, issuance of e-PAN will be made and hence ensure database is completely updated as the e-KYC will be done on the basis of the aadhaar data.
And after the e-KYC is done using the aadhaar OTP, the process of e-PAN application will be initiated. After that the taxpayer will be required to send the scanned copy of their signature on the white sheet with the details required by the tax department.
Later, an acknowledgement number will be generated and sent to your mobile number and specified e-mail address.