PAN 2.0 Project Details | Key Features| How to Apply | Benefits
PAN 2.0 is circulating on the internet, the Cabinet Committee on Economic Affairs (CCEA) has given the approval to the PAN 2.0 project. It is a transformative step towards the income tax department’s operations. It was announced on Monday that it is helpful to create a paperless process and online tax ecosystem for taxpayers across India.
Several people are still wondering what PAN 2.0 means and what the benefits of PAN 2.0 are? These are some questions that people are rapidly searching. This web page will be helpful to those who long to know in dept about this new upgrade with PAN card.
Permanent account number (PAN) is the headline of the legal news now days, this project has been passed with the aim of improving the process of issuing and managing PAN and TAN, so that it can be more user-friendly. As it is obvious that no one should have more than one PAN card, but still there are number of entities and individuals, who violate the law. Therefore, it is expected that after rolling out this update, it will become easier to track such activities.
Benefits of PAN 2.0
The significant update is to transform the income tax registration services, with the help of technology driven transformation of PAN and TAN services government will enhance digital experience of the taxpayers. PAN 2.0 will update the current PAN and TAN 1.0 eco system, it is supposed to give various benefits that include:
1. Ease of access and speedy services: With the enhanced technology, access on the essential government portals with faster service that will improve the quality and save lots of time.
2. Single source of truth and data: Another major benefit is that, it will make the trusted and authentic data, it will become a single and quick source of identification.
3. Eco-friendly process: As it is going to reduce paperwork with its enhanced technology within the upgraded PAN card.
4. Security and safety optimization: The new and upgraded PAN will be issued with new safety features that will stop the fraud and illegal activities associated with it earlier.
Key Features of PAN 2.0
There is an aim behind the PAN 2.0 project, this project enables technology-driven transformation of taxpayer registration services. Its key features include: -
1. It is a single portal for all PAN and TAN-related services and queries to simplify the access for users.
2. Bring the paperless work to reduce paperwork.
3. The new PAN will be issued free of cost with the quick processing.
4. Personal and demographic data of individuals will be secured with advanced technology, including PAN data vault.
5. In order to address the queries of users, a dedicated call centre and helpdesk will be established.
Project PAN 2.0 will bring a big revolution in the existing system of PAN and TAX services with the unified portal. It will simplify lots of things such as issuance of PAN cards, process, updating, access in various portals, and more. Eventually it will enhance the convenience for tax payers with this given detail of PAN 2.0, have a look at: -
- Integration of platforms:- As we informed you earlier that the aim of the project PAN 2.0 is to bring the unified portal for PAN and TAN related services. Currently, PAN related services are conducted on different portals such as e-filing portal, UTIITSL portal and Protean e-gov portal. It was said that the portal will conduct end-to-end services including allotment, updation, correction, Online PAN Validation (PAV), Know Your AO, Aadhar-PAN Linking, verification, request for e-PAN etc.
- Complete use of technology for paperless work:- With the help of technology, most of the work will be paperless, that will reduce the paperwork and make it eco-friendly process.
- Taxpayer Facilitation: - Issuance, updation, correction of PAN, all will be done free of cost, if you require a physical PAN card then with the nominal fee of Rs. 50, you can receive it.
What Will Happen with Existing PAN cards?
Many of the people are raising questions that what will happen with existing PAN cards, will they be valid or not? As per the official sources, existing PAN card holders do not need to apply for new PAN card inder this PAN 2.0 project, so they do not need to worry. Current PAN will also be fully operational and valid like new one.
New PAN Card Will Feature QR Code
- People are thinking that QR code is new but it has always been the part of PAN card since 2017-18, now under PAN 2.0 it will be enhanced with the latest and advanced technology.
- Existing PAN card holders can apply for new PAN under current PAN 1.0 and PAN 2.0.
- This QR code is to facilitate PAN details and ensure the authenticity.
- A separate QR reader application is available to verify details of PAN.
PAN 2.0 project is a significant step towards modernizing India's tax system, by integrating the best practices, the government may enhance the digital process, security and greater accessibility. At CRSPL Business Consultants, we also strive to streamline all the company filings such as income tax filing, GST returns and several compliances, connect with us today to start smooth filings and registrations.
