PAN 2.0: As the Center announced the PAN 2.0 Project of the Income Tax Department, citizens will soon receive a new PAN card with a QR code feature, in keeping with the central government’s flagship initiative, Digital India. By merging core and non-core PAN/TAN operations and offering PAN validation services, PAN 2.0, an e-Government project, will improve the existing PAN/TAN 1.0 eco-system.Re-engineering the business procedures of taxpayer registration services is its aim. It would guarantee that PAN/TAN services are transformed by technology to improve taxpayer’s digital experiences.
The government will invest 1435 crore in the project to offer advantages like single source of truth and data consistency, eco-friendly procedures, cost and security optimization, infrastructure optimization for increased agility, and ease of access and quick service delivery with better quality. The digital backbone will be introduced in a new manner and the current system will be upgraded. Our goal is to establish it as a standard business identifier. It will be entirely online and paperless, with a single portal. During a Cabinet briefing on Monday, Union Minister Ashwini Vaishnaw stated that the grievance redressal system would be the main focus.
PAN 2.0: What is it?
The current PAN system has been completely redesigned with PAN 2.0, which unifies PAN, TAN, and TIN onto a single platform. This program, which emphasizes accuracy, speed, and efficiency, is in line with the government’s Digital India initiative.
A centralized portal for PAN-related services is introduced by the system.
- For quicker approvals, use paperless procedures.
- Sophisticated Cybersecurity safeguards for taxpayer information.
- The goal is to ensure that taxpayers have a digital experience while lowering administrative barriers.
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What advantages does PAN 2.0 offer?
The new system offers taxpayers a number of significant advantages:
- Wait times will be decreased as applications and updates are processed more quickly.
- Consistency and fewer mistakes in taxpayer data are guaranteed by a single database.
- For the current PAN holders,free card upgrades are available.
- Paperwork is eliminated by digital processes, which encourage sustainability.
- The platform provides the safeguard to the sensitive taxpayer data with strong technology.
- Grievance redressal procedures will also be more effective, guaranteeing prompt answers to taxpayer inquiries.
- According to an official statement, even though the PAN/TAN system has been in place for many years, it does not have the technological innovations needed for contemporary tax administration.
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In what way can I apply for PAN 2.0?
The Income Tax departmenthas not released the application procedure about the PAN 2.0.
Is a new PAN card application required?
- No, if you have current PAN cards are available and still valid.
- AshwiniVaishnaw, the Union Minister, explained thattaxpayers do not need to apply for a new PAN number.
- They will be able to upgrade to the PAN 2.0 card, though.
- Among the improved features of the new card will be a QR code for quicker and safer processing.
- Minister AshwiniVaishnaw has stated that the upgrade process will not incur any additional costs.
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