PAN card will now be generated in just 4 hours instead of 10 days; know the new rules that apply today
Soon, the Income Tax Department will give you PAN card within 4 hours. The department has planned to release the PAN card early. It usually takes about ten days to create a PAN card. According to CBDT chairman Sushil Chandra, to make your PAN within 4-hours time, the department would be needing the applicant’s Aadhaar card. Once after identifying the Aadhaar card, PAN card will be created in a span of 4-hours.
The department also offers the convenience of e-PAN card. Under this facility, e-PAN is issued immediately after giving the Aadhaar card number. This feature is only for individuals and is available on the Income Tax Department's website. The applicants must make sure that the Aadhaar number and mobile number must be connected.
To file the income tax return, you need a PAN card. Also, the number of ITRs have increased to double in the financial year 2018-19. The number accounts to around 6.08 Cr.
Also, new PAN card rules are going to come into effect from today. The major change that has been added in the rules is the name of the Father. From today onwards, it would not be mandatory to add father’s name in PAN card; the mother’s name would suffice the application.
Apart from this, in the last one financial year, if there is a transaction of more than 2.5 lakh rupees, the person has to apply the application for PAN card inevitably. For this, it is necessary to apply before May 31, 2019. If a businessman has done no more than 5 lakhs of total sales or receipt during the first financial year of the company, he will also have to take a PAN card.