Currently it takes minimum 15-20 days to receive PAN card from Income tax department, due to that IT department is going to start a new methodology by which applicant will get Permanent Account Number (PAN) within 48 hours. An Income tax official stated the new methodology will be adopted soon by the Government.
The official also stated that they are going to dismantle the physical movement of application form, and will make the whole process online to provide PAN card within 48 hours. Special awareness camps will be organized to enroll more and more people under PAN.
Till now IT department issued around 17 Crore PAN cards which comprises only 14% of Indian population(120 crores). IT detainment wants to increase this as with current process takes long time to get a PAN card (in some cases up to 45 days depending on location). Higher penetration of PAN card will allow more people to file IT return hence more TAX revenue for the ex-checker.
Last year IT department included Voter ID card and Aadhar card as an option for verification. This year IT dept is planning to simplify the process even more. They are planning to introduce single document PAN card issue system in which only Voter ID Card or only Aadhar card for address as well as date of birth verification.
How to get PAN card Within 48 Hours?
IT department is working on the procedure and details of the procedure will be published once the system is ready for public. Till then keep in touch with our blog to get informed about this. If you need a PAN card right now, better not to wait for this, instead apply with current procedure.
Do you really need PAN card?
It depends on your yearly income and transaction type. PAN card is mandatory for bank cash deposit more than 50,000, or while buying jewelry worth more than 1 lac or while trading in stock. According to last union budget employees earning less than Rs 4,44,200 do not need to file IT return. If your income is more than that then you must possess a PAN card to file IT return.
Apart from IT return, PAN card is widely accepted as a document of identity, and it’s better to have a PAN card rather not to have one or re-issue it in case the PAN card lost. It costs less than Rs. 100 to get a PAN card, and in upcoming days you will be able to get PAN card within 48 hours.
What do you think about this move by the Government? let us know in the comment section.