Good news..PAN in 2 minutes!

New Delhi:The Income Tax Department is considering issuance of Permanent Account Number (PAN) on a real-time basis using Aadhaar, the government informed Parliament on Friday.

"The Income Tax Department is considering to issue PAN cards on a real-time basis using Aadhaar's e-Know Your Customer facility. The proposal is at an initial stage of consideration," Minister of State for Finance Santosh Kumar Gangwar said in a written reply in the Lok Sabha.

"A turn-around-time (TAT) of four hours is prescribed for allotment of PAN after receipt of application from the Ministry of Corporate Affairs portal by the PAN service provider National Securities Depository Ltd. (NSDL) e-Gov portal. The aforementioned facility has been recently implemented and notwithstanding the initial hiccups, PANs are allotted within prescribed TAT," he said.

The minister said a mobile application for paying taxes online has been developed.

"The mobile application has the functionality to pay taxes and track refunds," he said.