The Union Cabinet has approved the PAN 2.0 Project, a major upgrade to the existing Permanent Account Number (PAN) system, designed to improve taxpayer services and streamline business processes, reported NDTV.
What is the PAN 2.0?
The newly introduced PAN 2.0 is an enhanced version of the existing PAN system, leveraging technology to simplify and make registration more accessible for taxpayers.
With a budget of Rs 1.435 crore, the project will upgrade the Income Tax Department's digital infrastructure, ensuring a smoother experience for both individuals and businesses.
What will be its new features?
- PAN cards will now feature an embedded QR code for better functionality and security.
- PAN will now serve as a universal identifier for businesses across designated government digital platforms.
- The project will re-engineer taxpayer registration processes and consolidate PAN/ Tax Deduction and Collection Account Number (TAN) services into a unified platform.
- The new project would focus on being eco-friendly, cost-efficient, secure, and fast.
How would it benefit its users?
- It would make the registration services faster and more user-friendly.
- Existing PAN holders can upgrade to PAN 2.0 at no additional cost.
- The unified system will now improve service delivery and ensure data consistency.
NOTE!
Existing cardholders need not apply for a new PAN card, as the existing PAN card will remain valid, including the QR card feature, and will be made available without any action from current cardholders.
To date, 78 crore PAN cards have been issued, with 98 per cent of them assigned to individuals.
