The new e-filing system will allow for instant ITR processing, resulting in faster income tax refunds for taxpayers. The Income-tax Department has added a new feature to its e-filing system that assigns a PAN to an assessee based on his Aadhaar number.
The Income Tax Department issues a PAN, which is a ten-digit alphanumeric number. Paying income tax, submitting income tax returns (ITR), opening a bank account or Demat account, applying for a debit or credit card, and so on all require a PAN card, and you can use this e-PAN for all of these purposes in the same manner that you would a regular PAN card.
Simple Steps to Download Instant E-Pan Card From New Income Tax Portal
Step 1 Visit New Income tax Website
Step 2: Click on Our Services
Step 3: Scroll down and click Show more
Step 3: Click inStant E PAN
Step 4: Click on Get New E PAN
Step 5: Enter your Aadhaar Number or PAN enrollment number
Note that your aadhaar number should be mapped with your mobile number
Step 6: Accept Terms and Conditions
Step 7: Enter OTP and Click on Continue
Step 8: Check details
Step 9: Enter your E mail ID and confirm the same
Step 10: Confirm.
A person can only use the instant PAN facility if the following conditions are met:
1. He or she has never had a PAN assigned to them.
2. His or her Aadhaar number is connected to his or her mobile number.
3. The Aadhaar card contains his or her entire date of birth.
4. He or she must not be a minor at the time of applying for a PAN.
How to Check Status or Download Instant E PAN?
Step 1: Click on the Icon
Step 2: Enter aadhaar number and click on Continue
Step 3: Enter OTP
Step 4: It displays PAN status
Step 5: Click on either view e PAN or Download e PAN
Why is PAN needed?
The PAN allows the department to identify and relate all of the PAN holder's dealings with the department. Tax payments, TDS/TCS credits, income returns, defined transactions, communications, and so on are examples of these transactions. It allows for easy retrieval of PAN holder information as well as matching of various investments, borrowings, and other commercial activity.
How to Cancel PAN Card?
If you want to cancel or surrender your PAN, you must submit a cancellation/ surrender request letter to your local Income Tax Assessing Officer.
A person can only have one PAN at a time. For holding more than one PAN, a penalty of Rs. 10,000/- is required to be imposed under section 272B of the Income-tax Act, 1961.
If a person has been assigned more than one PAN, he must relinquish the additional PAN card immediately (s).
Fill in all essential fields in the Form, input the PAN to be cancelled in the appropriate column of the Form, and check the check box on the left margin to cancel the PAN. The PAN to be cancelled should not be the same as the PAN specified at the beginning of the Form (the one currently in use).
How to know PAN, if the PAN card is lost and PAN is forgotten?
In this scenario, one can obtain his PAN by utilising the Income Tax Department's "Know Your PAN" service. This service is available on the Income Tax Department's website, www.incometaxindia.gov.in.
A person's PAN can be obtained online by giving basic information such as his name, father's name, and date of birth.
You can apply for a duplicate PAN card after you have your PAN number by filling out the "Request for New PAN Card Or/ And Changes Or Corrections in PAN Data" form.