New firms to get pan, tan in a day

The Central Board of Direct Taxes has tied up with Ministry of Corporate Affairs to issue PAN and TAN in a day, to improve the Ease of Doing Business for newly incorporated corporate. Applicant companies should submit a common application form SPICe (INC32) on MCA portal, and once the data of incorporation is sent is sent to CBDT by MCA, the PAN and TAN are issued immediately without any further intervention of the applicant. The Certificate of Incorporation of newly incorporated companies includes the PAN in addition to the Corporate Identity Number. TAN is also allotted simultaneously.