The Central Board of Direct Taxes has amended the Income Tax Rules, 1962 vide Notification No. 38/2015 dated April 10, 2015. The said Notification provides that the proposed companies which have not been incorporated/registered under the Companies Act, 2013, the application for allotment of a Permanent Account Number (PAN) and Tax deduction and collection Account Number (TAN) may be made in Form INC-7 specified under Section 7 of the Companies Act, 2013.
By virtue of this amendment, the proposed companies may apply for PAN/TAN without obtaining the certificate of incorporation (earlier it was essential) through E-form INC-7. However, the Ministry of Corporate Affairs has not made any amendment in INC-7 so far. Since, no separate application for PAN is required to be filed, therefore, it will help the new companies reducing the time limit for commencing the business activities and open bank account etc.
Also, the necessary changes have been made in the list of documents as proof of identity, address, date of birth for different categories of applicant. The relevant portion (for companies) is extracted as under:
| S.No. | Applicant | Form | Documents as proof of identity, address and date of birth |
| (1) | (2) | (3) | (4) |
| … | |||
| (3) | Company registered in India | Copy of Certificate of Registration issued by the Registrar of Companies; or
Corporate Identity Number allotted by the Registrar under Section 7 of the Companies Act, 2013 (newly inserted) |
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