PAN 2.0 project has received approval from the Cabinet Committee on Economic Affairs, in which citizens will get new PAN card with free QR code at a cost of Rs 1435 crore.The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Shri Narendra Modi, approved the PAN 2.0 project.This project has been proposed by the Income Tax Department.
PAN 2.0 Project
- PAN 2.0 will modernize and integrate the existing PAN/TAN 1.0 system, combining core and non-core PAN/TAN activities and PAN verification services.
- Objective: This project is designed to improve and simplify taxpayer registration services using advanced technology. It will provide a seamless and improved digital experience to taxpayers.
PAN 2.0 Project Benefits
- Easy Application: People will now be able to apply for PAN card in a very simple way.
- Faster and accurate process: The process of tax filing will now be less time consuming, easier and accurate, as well as equipped with new features.
- Environmental protection: With the entire process going digital, paper wastage will be reduced, which will help in environmental protection.
- Cyber security: This project will be helpful in solving the problem of cyber crimes and ensuring better cyber security.
PAN 2.0 Project: New Initiatives and Reforms
- Unified Identification Number: The compliance process will be simplified by bringing PAN, TAN and TIN into one system.
- Advanced QR Code: Improved QR code on new and existing PAN cards will link financial transactions to the Income Tax Department. The QR code, first introduced in 2017, will now be made more effective, leading to better coordination between financial transactions and the Income Tax Department.
- New digital portal: The paperless and user-friendly portal will replace the 20-year-old software.
- Data Security Vault: PAN data vault will be mandatory for banks and insurance companies to keep PAN data safe.
- Technological improvements: Taxpayer services will be made faster, simpler and accurate with modern technology.
PAN 2.0 Project Benefits
- Faster functioning: Application process and updates will be faster, so people will not have to wait for long.
- Accuracy and reliability: Errors and inconsistencies in the information provided by taxpayers will be reduced through centralized database.
- Free PAN upgrade: Existing PAN users will get new and upgraded PAN card without any additional charge.
- Environment friendly: Digital process will eliminate the use of paper, thereby promoting environmental protection and sustainability.
- Better data security: Advanced technology will keep sensitive information of taxpayers safe.
PAN 2.0: Existing cards and new features
- Old PAN cards will remain valid: Taxpayers will not need to get a new PAN card. Existing cards can be used without any interruption.
- Step towards digital transformation: The project promotes faster processing, better security and easier integration with government platforms. PAN will now play the role of a digital business identifier.
- New features at no cost: New features like QR code will be available to all PAN users at no additional cost.