The Central Board of Direct Taxes has tied up with the Ministry of Corporate Affairs to help new companies get their Permanent Account Number and Tax Deduction Account Number within a day, the Ministry of Finance said on Tuesday. Companies will have to submit a form on the Ministry of Corporate Affairs portal. Once the necessary data is sent to the Central Board of Direct Taxes, the PAN and TAN will be issued immediately, the statement added.
In the latest “ease of doing business” report released by the World Bank Group, India ranked at 130 out of 190 countries. This is the lowest among the Brics (Brazil, Russia, India, China and South Africa) nations. Russia was placed at 40, South Africa at 74, China at 78 and Brazil at 123.
“The Certificate of Incorporation of newly incorporated companies includes the PAN and the Corporate Identity Number. The TAN is also allotted simultaneously and communicated to the company,” Hindustan Times quoted a finance ministry release as saying. During March 2017, of the 10,894 newly incorporated companies, PAN was allotted within four hours in 95.63% of the cases and within one day in all cases, the English daily added.