Recently, the income tax department (ITD) has announced that it is working on the idea of creating a real-time pan processing centre (RTPC) for issuing E-PAN in less than 10 minutes. This announcement was made in Parliament last Monday by the Minister of State for Finance, Anurag Thakur.
Shedding more light on this topic, Thakur said in a written reply to one of the questions in the Lok Sabha, “The idea of establishing Real-Time PAN / TAN Processing Centre (RTPC) is under consideration that will process E-PAN in less than 10 minutes through e-KYC.”
Minister of State for Finance, Anurag Thakur further said that the government had presented several proposals for improving technology in the income tax department (ITD) practices. This will particularly benefit the taxpayers as they will be able to save their valuable time while filing returns.
To carry forward such initiative, ITD is working on the idea of establishing a real-time pan processing centre (RPTC). This will particularly benefit those taxpayers who have applied for an AADHAR based e-KYC.
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Those who don’t know, a tax deduction and collection account number (TAN) is basically a 10 digit alphanumeric number that needs to be mentioned by taxpayers to the government while filing their returns. Similarly, a PAN is also a 10 digit alphanumeric figure that is issued by the income tax department to the taxpayers.
