The Centre has approved the PAN 2.0 Project to improve income tax payment services, which will shortly give the Permanent Account Number (PAN) a makeover.
On November 25, 2024, Prime Minister Narendra Modi’s Cabinet Committee of Economic Affairs gave its approval to the project.
What is PAN 2.0 Project?
An updated version of the current PAN cards with QR codes is called PAN 2.0, an e-Government initiative to digitise taxpayer registration. The cybersecurity of user data will be improved through the unified portal.
Although, by combining the core and non-core PAN/TAN operations and the PAN validation service, the current PAN/TAN 1.0 system will be improved.
The technology will reduce costs, expedite services and grievance resolution, and eliminate paper-based procedures.
Therefore, a budget of Rs 1,435 crore has been allocated by the Centre for the PAN 2.0 Project. Currently, a laminated card is used to issue PANs, which are 10-character alphanumeric IDs.
Air Purifier for Home – Bedroom, Living Room at Affordable Prices
According to Union Minister Ashwini Vaishnaw, PAN cards are essential to our daily lives and are particularly significant for small enterprises and the middle class.
Jaguar New Logo and First Images of Next-gen Car Revealed
#Cabinet approves #PAN 2.0 Project of the Income Tax Department. The financial implications for the PAN 2.0 Project will be Rs. 1,435 crore.
The PAN 2.0 Project enables technology-driven transformation of Taxpayer registration services
-Union Minister @AshwiniVaishnaw… pic.twitter.com/WcE9liwweT
— PIB India (@PIB_India) November 25, 2024
“The existing system will be upgraded and the digital backbone will be brought in a new way.”
Russia-Ukraine War – Ukraine says Russia hit it with ‘info-psychological attack’
Is upgrading PAN cards required?
According to Vaishnaw, taxpayers do not need to apply for new PAN cards because the current ones will still be valid. They can, however, add new features like a QR code to the cards without having to pay extra.
Also Read:
Adani – US Indictment of Executives, Lesson for Entire Business
Shubhangi Gupta is a distinguished content writer and the visionary founder of The Unpleasant – Acha Nahi Sabse Sacha. With a Master’s degree in Commerce from University of Lucknow, Shubhangi has seamlessly blended her academic background with her passion for reading and writing, embarking on a successful career as a content writer since 2019.
