The Central Board of Direct Taxes last year agreed to a seamless exchange of data with the corporate affairs ministry to ensure allotment of PAN and TAN number within a day of incorporation of company.
New companies will soon be able to apply for a permanent account number (PAN) and tax deduction and collection account number (TAN) online, reducing multiple application processes and boosting ease of doing business.
The new version of ‘SPICE’ (Simplified Proforma for Incorporating Company Electronically) will now require mandatory applications for both PAN and TAN for all new filings.
The updated SPICE form will be notified soon and will be effective 30 January.
The government in October notified SPICE and introduced digital submission of documents for incorporation.
Application forms for PAN and TAN will be generated automatically after submission of SPICE forms on the MCA21 system. The revised format requires new applicants to upload duly signed forms for PAN and TAN as ‘linked forms’ with SPICE.
MCA21 is a portal for automating the process of registering a company, and uploading, downloading, and accessing documents.
New version of SPICE incorporation applications will be processed only after Forms 49A (for PAN) and 49B (for TAN) are duly signed, uploaded and payment is confirmed by MCA,” a government statement said.
The Central Board of Direct Taxes (CBDT) last year agreed to a seamless exchange of data with the corporate affairs ministry to ensure allotment of PAN and TAN number within a day of incorporation of company, Press Trust of India reported, citing Atulesh Jindal, CBDT chairperson.
The updated SPICE forms will enable speedy allotment of PAN and TAN to new companies.
“This move reduces multiple applications by companies by having a single form which comprehensively includes both incorporation and tax identification,” said Ravi Singhania, managing partner at Singhania and Partners, a law firm.
SPICE was notified in the Companies (Incorporation) Fourth Amendment Rules, 2016 to provide speedy incorporation-related services within stipulated timeframes. The rules allowed digital submission of documents for incorporation along with e-Memorandum of Association and e-Articles of Association.
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