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In this startup era thankfully our government is taking all the necessary steps to ensure ease of business.
We saw a path breaking change few months back about the introduction of a single form for incorporation of company in India , However, now a new Form SPICe (INC-32) is introduced in order to make company incorporation more easy and fast.
In recent update the Ministry of corporate affairs has notified about this new form with a very unique facility. That in just this single form now people will be able to apply for PAN and TAN also.
As we all know there are list of things which one has to do even after incorporating the company, that is the bank account opening and thus starting the business in real sense.
For opening the bank account of the company we all know apart of CIN, MoA, AoA etc which we get instantly once our company is in place we also require PAN and TAN, which generally are easy to apply but takes minimum of 2 weeks to actually receive the PAN and TAN.
After the demonetization, many banks are instructed not to open the current account without the PAN or TAN number. Therefore, the delay in PAN and TAN allotment causes an inadvertent delay in functioning of the company so incorporated.
Keeping in mind this long standing problem the MCA together with our government has made it possible to further reduce this journey of incorporation by introduction of Form SPICe (INC-32).
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This amendment in the form allows the stakeholders to apply for PAN and TAN in this single form and this is not an optional choice which is also a great move, now it is mandatory for the stakeholder incorporating the company to apply for PAN and TAN simultaneously in this form.
These changes will be applicable w.e.f 21 January 2017.
The allotment of PAN and TAN will be communicated through e-mail to the concerned person.
PAN number (as allotted by Income Tax Department) will be printed in the Certification of Incorporation of the company, and TAN will be separately communicated to the concerned person through email.
A perfect step that enhance inter-governmental department interaction and actually making it a lot easier for a person to start a new venture.
You may access the complete notification in detail on https://www.mca.gov.in/
In case you have any query related to this topic, you may drop in an email at email@example.com or givs us a call at +91 880 092 6752
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