The Cabinet Committee on Economic Affairs has approved the PAN 2.0 project, worth Rs 1,435 crore, to enhance the taxpayer experience. The new version aims to streamline businesses and citizen-centric operations by using technology-driven transformation and a QR code feature. Union Minister Ashwini Vaishnaw explains that there will be no need for individuals to modify their current PAN and the new card will be introduced as an upgrade. With over 78 crore PAN cards issued to date, this development is expected to benefit the majority of individuals and small businesses.
PAN 2.0: Revolutionizing Taxpayer Experience in India
Background:
The Permanent Account Number (PAN) is a unique 10-digit alphanumeric identifier issued by the Income Tax Department of India to track financial transactions and prevent tax evasion. It is an indispensable tool for taxpayers to pay taxes, file returns, and access various government services.
PAN 2.0: A Technological Upgrade
Recognizing the need to enhance the taxpayer experience, the Cabinet Committee on Economic Affairs has approved the PAN 2.0 project, worth Rs 1,435 crore. This ambitious initiative aims to transform the PAN system into a technology-driven, user-friendly platform.
Key Features of PAN 2.0:
Benefits of PAN 2.0:
Top 5 FAQs on PAN 2.0:
No, existing PAN holders will not need to apply for a new PAN. The PAN 2.0 upgrade will be issued automatically.
The rollout of PAN 2.0 is expected to begin in phases by the end of 2023.
No, the PAN number will remain the same. The new card will be an upgraded version of the current PAN card.
The QR code will be available on the new PAN card. You can also access it through the Income Tax Department's e-filing portal.
You can apply for a duplicate PAN card through the e-filing portal or by contacting the Income Tax Department.
Conclusion:
PAN 2.0 is a transformative project that will revolutionize the taxpayer experience in India. By leveraging technology and a citizen-centric approach, it will make tax compliance easier, faster, and more secure. The seamless integration of QR codes and automated processes will streamline operations and reduce the burden on taxpayers. As the implementation of PAN 2.0 unfolds, we can anticipate a more efficient and user-friendly tax system for the nation.
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