For further investments or starting new firms Corporate must have their own PAN card and TAN. The process was little slow as it take 15 to 30 days to deliver PAN card to corporate.
The CBDT (Central Board of Direct Taxes) on 18th July said that , It has new protocols, through which corporate will be allotted PAN and Tax deduction and collection Account Number within a Day.
TAN is a 10 digit alphanumeric number given to persons who required to deduct or collect tax on payments made by them under the Indian Tax Act, 1961.
The process has been totally digitized and fast tracked for all category of taxpayers, CBDT chairman said to media. He further said that, “This is aimed at ensuring ”ease of doing business”.