The Union Cabinet has approved the PAN 2.0 Project, a substantial overhaul to the current Permanent Account Number (PAN) system that aims to improve taxpayer services and streamline corporate operations.
PAN 2.0 is an improved version of the present PAN system that uses technology to make registration easier and more accessible to taxpayers. The ₹ 1,435 crore initiative aims to improve the Income Tax Department’s digital infrastructure and deliver a more seamless experience for people and companies.
Features of PAN 2.0
- PAN cards will now feature an embedded QR code for enhanced functionality and security.
- PAN will be a universal identifier for businesses across specified government digital systems.
- The project will re-engineer taxpayer registration processes and consolidate PAN/TAN services into a unified platform.
- The project focuses on being eco-friendly, cost-efficient, secure, and fast.
You do not need to apply for a new PAN card. Under the PAN 2.0 program, your existing PAN card will remain valid, and improvements, including the QR code capability, will be made accessible without the need for current cardholders to take any action.
Ninety-eight percent of the 78 crore PAN cards that have been issued thus far belong to people. The current ecosystem will be consolidated by PAN 2.0, which will also bring eco-friendly, efficient operations for all users.
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Source: NDTV
