As we all aware that there are various circulars relating to PAN which are released by CBDT time to time. Therefore, today we are covering some of the important update related to PAN, which are as under:
Earlier, PAN applicants (individuals) are required to provide names (first name, middle name & last name) in expanded form in PAN applications submitted. Also, the supporting documents submitted as proof of identity and address should contain the applicant’s name in expanded form and as mentioned in the PAN application.
Income Tax Department (ITD) has now informed that PAN applications received from Individuals having initials (one single character) in the middle name (Applicant’s name, Applicant’s other name, Father’s Name, Representative Assessee’s name), may be accepted. Accordingly, the instructions for acceptance of PAN applications have been revised as below:
Initial (single character)
1. If the middle name of the abovementioned name fields contain one initial, then the application may be accepted provided they match exactly with the documents (proof of identity and proof of address) submitted by the applicant.
2. If the last name and/or first name part of the abovementioned name fields contain initial, then the application should be rejected.
It may be noted that the guidelines issued for acceptance of PAN applications having two character names, remain unchanged.
This facility is for allotment of Instant PAN (on near-real time basis) for those applicants who possess a valid Aadhaar number. PAN is issued in PDF format to applicants, which is free of cost.
The applicant is required to type in her/his valid Aadhaar number and submit the OTP generated on the registered mobile number. Once the process is complete, a 15-digit acknowledgment number is generated. Once request is submitted, the applicant can check the status of the request at any time by providing her/his valid Aadhaar number and on successful allotment can download the PAN. The applicant will also receive a copy of the PAN in the e-mail id registered with the Aadhaar database.
CBDT notifies Income Tax Rule 114AAA prescribing that permanent account number (PAN) will become inoperative if a person, who has been allotted PAN as on the 1st day of July, 2017 and is required to intimate his Aadhaar number under section 139AA(2), has failed to intimate the same on or before the 31st day of March, 2020, the PAN of such person shall become inoperative immediately after the said date for the purposes of furnishing, intimating or quoting under the Income Tax Act.
Republished with Amendments