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The Income Tax department has come up with a new e-Filing portal (ITR e-filing 2.0) which is effective from 7th Jun, 2021. The new ITR e-filing 2.0 portal enables the user to download the e-PAN (Permanent Account Number) instantly.
A permanent account number is a 10 character alphanumeric number, issued by the Indian Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application.
All tax-related information for a person/company is recorded against a single PAN number. For all tax-related transactions such as TCS, TDS, Income Tax Return, etc quoting PAN is a must. This is why the PAN is considered an important KYC (Know Your Customer) document.
Read: last date of linking Aadhaar with PAN is 30th June 2021
The new Income Tax e-filing portal has introduced an easy & paperless process where you can get PAN on a near-real-time basis. And this e-PAN holds the same value as a physical PAN card, all you need is a valid Aadhaar with updated KYC details and a valid mobile number linked with your Aadhaar.
A person cannot hold more than one PAN. If a PAN is allotted to a person, then he cannot apply for obtaining another PAN. If a person has been allotted more than one PAN then additional PAN card(s) should be surrendered immediately.
Read: Benefits of new Income Tax E-Filing Portal
E-PAN is completely free of cost. The process is completely online, you do not need to visit to any centre.
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