PAN card and Aadhar card are required for various procedures in current times like opening a bank account, conducting financial transactions, filing an ITR, accessing one’s income tax records and so on.
Several Indians still don’t have any PAN Card, as they fear the lengthy forms to be filled, and avoid it all togetther. But now, this will change.
While announcing the Union Budget 2020, Finance Minister Nirmala Sitharaman stated that now, anyone can get PAN Card without filling our long, complicated forms.
However they will need this Govt for the same.
Get New PAN Card Using Aadhaar Card
Since 2019, PAN card and Aadhar card have been made interchangeable by the income tax department.
The income tax department is aiming to launch a new system that will allow taxpayers to get a new PAN (Permanent Account Number) card easily and straight away without having to fill a detailed application form.
The catch here is that the facility will be available only for Aadhaar card holders.
Sitharaman while announcing the Union Budget 2020 said, “In order to further ease the process of allotment of PAN, soon we will launch a system under which PAN shall be instantly allotted online on the basis of Aadhaar without any requirement for filling up of detailed application form.”
The income tax department issues PAN card through two agencies — NSDL and UTI-ITSL.
Does This New System Makes Sense?
This new system of generating a new PAN Card using Aadhaar makes perfect sense, since now it’s compulsory to interlink them.
March 31st, 2020 is the deadline, and in case any PAN Card is not linked with Aadhaar, then it will become non-operational.
Hence, by announcing a new, easy way to generate PAN via Aadhaar, Govt. is making sure that every Aadhar card holder gets a new PAN Card, and they are also interlinked by default.
We will keep you updated, as more details come in.