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PAN 2.0 Project: All you need to know

The Cabinet Committee on Economic Affairs (CCEA) has given its approval for the PAN 2.0 Project of the Income Tax Department with a financial outlay of ₹1,435 crore

by · The Hindu

The government on Monday (November 25, 2024) announced the ₹1,435 crore PAN 2.0 Project to make the permanent account number a ‘common business identifier’ for all digital systems of government agencies.

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has given its approval for the PAN 2.0 Project of the Income Tax Department with a financial outlay of ₹1,435 crore, Information and Broadcasting Minister Ashwini Vaishnaw said.

Also read: PAN cards with QR code planned under PAN 2.0 project

Currently, about 78 crore PANs have been issued, of which 98% are to individuals.

What is PAN 2.0?

PAN 2.0 Project is an e-Governance project for re-engineering the business processes of taxpayer registration services through technology-driven transformation of PAN/TAN services for enhanced digital experience of the taxpayers.

“This will be an upgrade of the current PAN/TAN 1.0 eco-system consolidating the core and non-core PAN/TAN activities as well as PAN validation service,” an official release said.

Benefits

  • Applications and updates will be processed more quickly, limiting waiting time.
  • A unified database promotes consistency and prevents errors in taxpayer information.
  • Current PAN holders are eligible to upgrade their cards for free of charge.
  • Paperwork is eliminated via digital procedures, which encourage sustainability.
  • The platform protects critical taxpayer data using reliable technologies.

Do we need to apply for a new card?

No, the existing PAN cards remain valid.

Taxpayers do not need to apply for a new PAN number, according to Union Minister Ashwini Vaishnaw.

As part of the project, new PAN cards with upgraded features, such as a QR code for increased security, will be issued at no additional cost.

How to apply?

The details of the application process of PAN 2.0 have not been specified yet by the Income Tax department.

Published - November 26, 2024 02:19 pm IST