PAN 2.0 announced: Check what's new and should you apply
As part of its Digital India program, the Indian government has announced the launch of a new initiative, the PAN 2.0. The project is aimed at modernizing taxpayer registration services and enhancing the digital experience for taxpayers. The new Permanent Account Number (PAN) cards will come with a QR code for added security. You don't have to apply for a new PAN card as it will be issued free of charge to all existing PAN holders.
PAN 2.0: A technological upgrade for taxpayer services
The PAN 2.0 project is a major upgrade from the existing system, designed to enhance both core and non-core activities and the PAN validation service. The new system will also integrate PAN with other identifiers such as Tax Deduction and Collection Account Number (TAN) and Taxpayer Identification Number (TIN). The government intends to invest ₹1,435 crore in this project to ensure benefits like ease of access, speedy service delivery with improved quality, data consistency, eco-friendly processes and cost optimization.
PAN 2.0 to enhance digital experience for taxpayers
PAN 2.0 seeks to offer a technology-driven transformation of PAN/TAN services, improving the digital experience for taxpayers. Union Minister Ashwini Vaishnaw said that the current system will be upgraded with a new digital backbone and a unified portal, making it entirely paperless and online. The project also focuses on improving the grievance redressal system for taxpayers.
New PAN cards to feature QR code
The new PAN cards under the PAN 2.0 Project will also have a QR code, providing an additional layer of security to prevent misuse. The move comes after several cases of misuse where people have shared photocopies of their important ID with service providers and agencies. Through these new features, the Income Tax Department hopes to tackle such cases.
