Union government gives nod to PAN 2.0 project; all you need to know
PTC News Desk: The Union Cabinet has given nod to the Pan 2.0 Project. Union Minister Ashwini Vaishnaw has described the project as a significant upgradation of PAN which also includes addition of QR code. The project will be rolled out for all the taxpayers free of cost. The objective of this project is to streamline business operations. However Pan 2.0 project has also given rise to questions that whether the existing PAN becomes inoperative if it does not have a QR code.
“One of the most important features would be a PAN data vault system. The PAN related information is used by many entities such as banks, insurance companies. We give details of PAN at various places. So, those (entities) who take details of PAN, they will have to keep PAN data safely, mandatorily through the data vault system,” Vaishnaw said.
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. The project, with a budget of ₹ 1,435 crore, will revamp the digital infrastructure of the Income Tax Department to provide a seamless experience for individuals and businesses.
Key Features:
Benefits for Users:
Will the current PAN card become inactive ?
No, the current PAN card will not become inactive and the upgrade features including the QR code will be made available to the cardholders. PAN holders having an old PAN Card without QR code have an option to apply for a new card with QR code. The application process will be completely online.
- PTC NEWS
