Soon, you will get PAN card instantly without a long process

The income tax payers might soon get instant PAN cards from the income tax department, allowing them to skip the hassle of filing a detailed form. The proposal was made by finance minister Nirmala Sitharman in her Budget 2020 speech. The finance minister said that a new system might be put into place which allows taxpayers to get PAN card instantly without having to fill the detailed application form.

"In the last Budget, I had introduced the interchangeability of PAN and Aadhaar for which necessary rules were already notified. In order to further ease the process of allotment of PAN, soon we will launch a system under which PAN shall be instantly allotted online on the basis of Aadhaar without any requirement for filling up of detailed application form," Sitharaman said.

As the statement clearly mentions the facility will only be available for Aadhaar card holders. In her budget speech, the finance minister added that Aadhaar-based verification of taxpayers is also being introduced. 

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For ease and convenience of taxpayers, she said a system will be launched soon, for instant online allotment of PAN on the basis of Aadhaar, without the need for filling any application form.

In last year's budget, the finance minister had announced that the  Aadhaar number can be used in lieu of PAN (provided both are linked) wherever forms have been amended by the CBDT. Later in a notification dated November 6, 2019, the Central Board of Direct Taxes (CBDT) had amended more than 100 forms where now an individual can quote their Aadhaar number in lieu of PAN, provided PAN is linked to Aadhaar number.

For those unaware, the PAN card is needed fpr purposes like filing ITR, opening bank account, conducting financial transactions and so on.