The Web


 Latest Business news on mobile: sms BIZ to 7333

Home > Business > Business Headline > Report

Big rush for PAN cards

BS Economy Bureau in New Delhi | July 03, 2003 12:01 IST

The finance ministry has said any decision on whether to apply a flat 30 per cent rate of income tax on those who do not have a permanent account number will be taken only next year, after the current exercise to provide it to all income-tax assesses across the country is over.

Government officials said reflecting the interest among the assesses, UTI-Investor Services Ltd (UTI-ISL) counters had already sold around 3,000 forms for the new series of PAN cards since Tuesday (in Delhi alone), when it was launched. And the rush for PAN cards is rising.

They, however, added that the first estimates of the number of cards issued under the new series would be known only by the middle of this month.

This is because UTI-ISL, which has been chosen as the vendor of the cards by the revenue department, will start dispatching the first set of PAN cards only around July 15.

As per the business plan, the company will ensure that all applicants receive their cards within 15 days of submitting completed applications.

The outsourcing of PAN is a follow-up of the recommendation of the Kelkar task force on direct tax.

According to the recommendations, all those who did not have a PAN would have to pay income tax at the highest applicable rate of 30 per cent. This was to ensure that the move was successful.

The new cards cost Rs 60, whereas the old cards were given free to the tax payers.

The production cost of the new cards, which can also double up as identity cards, is slightly above Rs 40.

Tax officials said anybody who had already received a permanent account number but did not have the card, would now have the option of either asking the income-tax department for an existing type of laminated card, or opt for a smart card.

Anybody who has filed an application for a permanent account number by June 30, will receive the card from the department. Subsequent applications will be handled by UTI-ISL.

There are 34 million income tax assesses in the country as on March 31. This is a 21 per cent rise in the number of assesses within a year.

According to the revenue department officials, the government has already issued 28.6 million permanent account number cards till now, with a backlog of about 200,000 assesses.

The applications will be collected by UTI-ISL and sent to the National Computer Centre of the income-tax department which will allot the numbers.

But the cards with new hologram and security features will be prepared by the company.

7333: The Latest News on Your Mobile!

Powered by

Share your comments

 What do you think about the story?

Read what others have to say:

Number of User Comments: 14

Sub: non issue of PAN card

i have applied for the PAN on 25-10-2005 and till now i have not received the PAN CARD or the PAN NUMBER. my appln. no ...

Posted by gollapalli veera raghava rao

Sub: un receipt of PAN card

I have applied for PAN card on 29th Oct.2004, but till date i have not received the same. My Processing coupon No.008130420 Dt.29.10.2004. Manoj Mohapatra. ...


Sub: Re: PAN NO

I applied for my PAN No on 18th may but till the date I couldn't get my no

Posted by Vishal Bhatnagar

Sub: Whomsoever it may concern.

hi to all sir/madam i Tarun Pujara want to apply for the new PAN number and i'am not getting able to open the form available ...

Posted by Tarun Pujara


I have not receive PANCARD since last 8 months

Posted by Amber Srivastava


Article Tools
Email this article
Top emailed links
Print this article
Write us a letter
Discuss this article

Related Stories

Corporate refund drain tax kitty

People Who Read This Also Read

Sensex gains 38 pts

New PAN cards at Rs 60

BPO fails to clear PAN wait list

Copyright © 2005 India Limited. All Rights Reserved.