In addition to physical PAN card, CBDT has introduced the Electronic PAN (e-PAN) card, which is sent by email to all applicants, including individuals.
"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)," CBDT, the apex policy making body of the Income Tax department, said in a statement.
It said that newly incorporated companies have also been issued Tax Deduction Account Number (TAN) simultaneously with PAN as the Central Board of Direct Taxes (CBDT) has tied up with the Ministry of Corporate Affairs (MCA) under which companies can submit a common application form.
Applicant companies submit a common application form SPICe (INC 32) on MCA portal and once the data of incorporation is sent to CBDT by the MCA, 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," the statement added.
Similarly, TAN was allotted to all such companies within 4 hrs in 94.7 per cent cases and within 1 day in 99.73 per cent 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," it said.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.