PAN 2.0
About PAN 2.0 Theme and Plan
Prime Minister Narendra Modi led CCEA approves PAN 2.0 Project for Income Tax Department announced on 25-Nov-2024.
E-governance initiative aims to modernize taxpayer registration with Digital PAN/TAN services with Rs 1,435 crore government investment.
In Short
- About PAN 2.0 Theme and Plan
- Features
- Know about PAN 2.0 Project
- Enhanced PAN 2.0 Validation Services
- Cost involved in PAN 2.0 ?
- PAN 2.0 Advantages
- When is PAN 2.0 going to be released?
- PAN vs TAN: Key difference?
Features
Citizens will get a free PAN Card upgrade with a QR code through a unified paperless and online portal as per the statement of Minister Ashwini Vaishnav.
Also Read: PM AASHA Scheme: Components, Features, Benefit Coverage and Eligibility
Further Mr. Vaishnav confirmed – Current PAN cardholders do not have to apply for a new one, the existing card is still valid and No need to update PAN details for individuals or companies.
78 crore cardholders can update PAN cards with personal info changes like address, DOB or name if require.
If we talk about implementation timelines, Income Tax Department has not yet released application process details so far.
What is the PAN CARD 2.0 Project? Know about PAN CARD 2.0 Project
PAN-related services are currently on three platforms. PAN 2.0 will combine these into one portal for managing PAN and TAN services which includes application process, updations, corrections, Aadhaar linking, re-issuance and validation as well.
The project aims to simplify, speed up and improve efficiency in processes and grievance handling.
It also supports the Digital India initiative by promoting paperless processes.
Enhanced PAN CARD V2.0 Validation Services
In addition to simplifying procedures it will bring enhanced PAN validation services.
One important objective is to set up PAN as a common identity for all digital systems used by certain government organizations.
Cost or Service Changes involved in PAN CARD 2.0 ?
As stated PANs will be provided at no cost and with faster processing time frames.
- A PAN Data Vault is one of the enhanced safety mechanisms that will be used to protect demographic and personal data.
- A special contact center and support desk for dealing with user queries and issues.
- The PAN card is an essential part of life for small businesses and the middle class as per the Union Minister Ashwini Vaishnav’s statements.
- A strong digital core will be added, and the system will receive significant improvements with PAN CARD 2.0.
- The government is also trying to enhance the complaint resolution system so that citizens’ problems can be solved promptly.
PAN CARD V 2.0 Advantages
- Faster and Better Services: Enhanced service quality and accelerated access.
- Informative and Consistent Data: Guarantees reliable and consistent data.
- Eco-Friendly Procedures: Lowers paperwork, contributes to sustainability, and saves money.
- Improved security refers to infrastructure that has been upgraded for increased efficiency and safety.
- A big step toward digital transformation, the PAN Card V2.0 Project will improve taxpayer services’ dependability, availability, and availability for the future.
When is PAN CARD V 2.0 going to be released?
A precise implementation schedule has not yet been disclosed by the administration. The procedure will be free and current customers will have enough of time to switch to the new system.
PAN vs TAN: Key difference?
(i). PAN (Permanent Account Number): The Income Tax Department issues this 10-digit alphanumeric identification number, which is crucial for managing tax-related activities including paying taxes and filing returns. The validity of it is permanent.
(ii). TAN (Tax Deduction and Collection Account identifier): A 10-digit alphanumeric identifier is also used for tax collection or deduction at the source. Payment challans, certifications, and TDS/TCS returns all need to quote it.
