CBDT issues PAN and TAN within 1 day to
improve Ease of Doing Business

In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day.

 

Applicant companies submit a common application form SPICe (INC 32) on MCA portal and once the data of incorporation is sent to CBDT by MCA, the PAN and TAN are issued immediately without any further intervention of the applicant. 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 31st March 2017, 19,704 newly incorporated Companies were allotted PAN in this manner. During March, 2017, of the 10,894 newly incorporated companies, PAN was allotted within 4 hrs in 95.63% cases and within 1 day in all cases. Similarly, TAN was allotted to all such companies within 4 hrs in 94.7 % cases and within 1 day in 99.73% cases.

 

CBDT’s initiative in starting of a business 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.  Applicant would be benefited by having a digitally signed E-PAN card which they can submit as proof of identity to other agency electronically directly or by storing in the Digital Locker (https://digilocker.gov.in).

 

 

Updated On 11-Apr-2017

Related Metal News


Other Tools : 
[ Today's Prices ] [ Upcoming Tradeshows ] [ Market Research ] [ Demand and Supply ] [ About Metals ]

Import data

  • 52065 kgs. of 'Copper Cathod' imported at REWARI port in June, 2016.
  • 27480 kgs. of 'Copper Ingot' imported at DADRI - STTPL (CFS) port in July, 2016.

Export data

  • 15040 kgs. of 'Brass Artware' exported from KOLKATA SEA port in June, 2016.
  • 1385 kgs. of 'Brass Rod' exported from JNPT port in September, 2016.

Project News

Tenders

Fresh
Live
Archived

Powered by tendertiger.com

Trade Shows