CBDT to issue PAN and TAN within one day to improve ease of doing business

Applicant companies will have to submit a common application form SPICe (INC 32) on MCA portal.

Once the data of incorporation is sent to CBDT by MCA, the PAN and TAN will be issued immediately without any further intervention of the applicant, the release said.

The Certificate of Incorporation (COI) of newly incorporated companies includes the PAN in addition to the Corporate Identity Number (CIN). TAN is also allotted simultaneously and communicated to the company.

Till March 31, 2017, 19,704 newly incorporated companies were allotted PAN in this manner, the ministry said.

During March, 2017, of the 10,894 newly incorporated companies, PAN was allotted within four hours in 95.63 per cent cases and within one day in all cases.

Similarly, TAN was allotted to all such companies within four hours in 94.7 per cent cases and within one  day in 99.73 per cent cases.

CBDT’s initiative is expected to significantly improve the ranking of India in the Ease of Doing Business Study, conducted by World Bank, by reducing the number of processes of registration before various authorities under law, reducing the time taken for allotment of the registration number (CIN, PAN, TAN) and making the entire registration process for new companies much simpler.

CBDT has also introduced the Electronic PAN Card (E-PAN) which is sent by email, in addition to issue of the physical PAN Card, to all applicants including individuals where PAN is allotted. 

The ministry said that applicants can have a digitally signed E-PAN card which they can submit as proof of identity to other agencies, electronically directly or by storing in the Digital Locker (https://digilocker.gov.in).