PRESS RELEASE
New Delhi, 11th April, 2017.
CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business
In order to improve the Ease of Doing Business
for newly incorporated corporates, CBDT has tied up with Ministry of
Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax
Deduction Account Number (TAN) in 1 day.
Applicant companies submit a common
application form SPICe (INC 32) on MCA portal and once the data of
incorporation is sent to CBDT by MCA, the 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.
Till 31st March 2017, 19,704 newly
incorporated Companies were allotted PAN in this manner. During March,
2017, of the 10,894 newly incorporated companies, PAN was allotted
within 4 hrs in 95.63% cases and within 1 day in all cases. Similarly,
TAN was allotted to all such companies within 4 hrs in 94.7 % cases and
within 1 day in 99.73% 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.