Companies to get PAN, TAN within a day

TNS & Agencies

New Delhi, July 22 

Companies can now obtain Permanent Account Number (PAN) or Tax Deduction and Collection Account Number (TAN) within a day if they submit a digital signature certificate-based application, thereby ensuring ease of doing business, the Income Tax Department said today.

Besides, individuals can now get a new PAN through the Aadhaar-based e-signature facility which will reduce the effective time in allotment.

For fast-tracking the allotment of PAN and TAN to company applicants, the digital signature certificate-based application procedure has been introduced on the portals of PAN service providers -- NSDL eGov and UTIITSL.

"Under the new process PAN and TAN will be allotted within one day after the completion of a valid online application," a Tax Department statement said. Similarly, a new Aadhaar e-signature-based application process for individual PAN applicants has been made available on the portals of PAN service provider— NSDL eGov.

“The introduction of the Aadhaar-based e-signature through NSDL eGov in the PAN application not only ensures a paperless and hassle-free application process but also seeding of Aadhaar in PAN which will curb the problem of duplicate PAN to a great extent,” it added.

The URL links for the above applications are available in "important links" on the homepage of the departmental website 'incometaxindia.gov.in', the deaprtment said. 

Rs 22,000 cr undisclosed income 

Finance Minister Arun Jaitley on Friday said the Income Tax Department had detected undisclosed income worth Rs 22,475 crore in over 9,500 surveys conducted over the past two years. As part of enforcement measures, the department has conducted searches in 990 groups of assessees during 2014-15 and 2015-16, seizing undisclosed assets worth Rs 1,474 crore, he said in the Lok Sabha. "During the same period, 9,547 surveys conducted resulted in detection of undisclosed income of Rs 22,475 crore," Jaitley said. He said there had been a “significant rise” in criminal prosecutions filed by the I-T department in the past two years. The number of cases where prosecution complaints were filed and offences were compounded during 2014-15 and 2015-16 is 3,140. TNS

3.29 lakh tax cases pending 

The government said over Rs 8 lakh crore tax revenue was locked up in appeals before various courts and authorities at the end of the last fiscal. As on March 31, 2016, 3.29 lakh tax cases were pending before the Commissioner, tribunal, HCs and SC, Minister of State for Finance Santosh Kumar Gangwar said in a written reply to  the Lok Sabha.