Under the new process PAN and TAN will be allotted within one day after completion of valid on-line application

Companies can now obtain PAN or TAN registration within a day if they submit digital signature certificate based application, thereby ensuring ease of doing business, Income Tax department said on Friday.

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

For fast-tracking the allotment of PAN and Tax Deduction and Collection Account Number to company applicants, digital signature certificate based application procedure has been introduced on the portals of PAN service providers -- National Securities Depository Limited eGov and UTI Infrastructure Technology and Services Limited.

"Under the new process PAN and TAN will be allotted within one day after completion of valid on-line 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 providers M/s NSDL eGov.

"Introduction of Aadhaar based e-Signature through NSDL eGov in PAN application not only ensures paperless hassle free PAN 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', it said.

Illustration by Dominic Xavier/Rediff.com