CURRENT AFFAIRS

Detailed explanation-1: -Nirmala Sitharaman launched Instant allotment facility of PAN through Aadhaar based e-KYC.

Detailed explanation-2: -Aadhaar based e-KYC:In Aadhaar based e-KYC option, Aadhaar details would be considered as PAN application details (Name, Date of birth, Gender, Residential Address, E-mail ID, Mobile Number & Photograph) and Aadhaar as supporting document and would be forwarded to Income Tax Department for allotment of PAN.

Detailed explanation-3: -The idea of PAN was introduced by the Indian government in 1972 and made statutory under section 139A of the Income Tax Act of 1961.

Detailed explanation-4: -For e-PAN facility, e-KYC data of the Aadhaar number is exchanged with the Unique Identification Authority of India (UIDAI). After that, PAN will be generated. Instant PAN is the same as that of the PAN issued by the Income-tax department via other modes of application. However, this PAN is paperless and free of cost.

Detailed explanation-5: -Step 1: Visit the official e-filing home page of the IT department (www.incometax.gov.in). Step 2: Click on the ‘Instant E-PAN’ option under the ‘Quick Links’ section on the homepage. Step 3: Click on the ‘Check Status/Download PAN’ button. Step 4: Enter your valid Aadhaar number and captcha code.