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.
On Monday, Intel announced the retirement of CEO Pat Gelsinger after over 40 years with the company. Gelsinger will also step down from the board of directors in 2024. Two senior leaders, David Zinsner and Michelle Johnston Holthaus, have been named as interim co-CEOs, while Frank Yeary will become interim executive chair during the transition period. Despite the changes, the company has stated that the Intel Foundry leadership structure will remain unchanged.
The Staff Selection Commission (SSC) is all set to announce the final results for the GD Constable Recruitment Exam 2022. With a massive number of vacancies in various government organizations, this recruitment drive aims to fill more than 45,000 posts for men and women. The selection process consists of three stages, and candidates can expect a good salary package in these prestigious government jobs. Stay tuned to the official SSC website for updates on the final results.
Wipro Ltd., one of India's largest information technology companies, is set to issue a bonus share in a 1:1 ratio. This means that every eligible shareholder will receive one additional equity share for every fully paid-up share they hold. With nearly 22.4 lakh shareholders, this will result in a doubling of their shareholding without any additional investment. However, to qualify for the bonus issue, investors must acquire Wipro shares before the record date of December 3. While the quantity of shares will increase, the total value of the investment will remain the same as the share price will adjust to reflect the increased number of outstanding shares. The Securities and Exchange Board of India has also reduced the time taken for credit of bonus shares and their trading to two working days.
The highly respected CEO of Stellantis, Carlos Tavares, has resigned abruptly amid a profit warning and major shareholder concerns. The company, which owns brands such as Jeep, Fiat, and Peugeot, has seen a significant decrease in value this year. Tavares' resignation comes as a surprise, as he was not initially affected by the wide reshuffling of top management following the profit warning.
The Indian benchmark indices opened marginally lower on Friday, following the trend of previous trading sessions. Despite positive global cues, the market saw weakness as FIIs continued their selling streak. However, experts believe that a recovery in earnings could lead to a change in the scenario and potentially shift the market towards a positive trend. Meanwhile, top gainers on the Sensex included names like Tech Mahindra, Infosys, and HCL Tech, while major losers were ICICI Bank and Reliance Industries.
Skoda Auto Volkswagen India, the country arm of the global automotive giant, is facing trouble in India as the government has served a show-cause notice for alleged import duty evasion amounting to over USD 1.36 billion. This could result in a penalty equal to the dues, bringing the total liability to Rs 23,000 crore. The investigation, focused on models brought in as CKD units, found that the company declared them as individual components to pay lower import duty. Despite the company defending their actions, the authorities have dismissed their justification.
In a move to reduce the tax burden on petroleum companies, the government has removed the windfall tax on aviation turbine fuel, crude products, diesel, and petrol. The tax, which was introduced in 2022, aimed to generate revenue from the sudden price increase of crude oil. With this change, the government hopes to attract more investments in the petroleum sector and improve the country's overall economy. Stay updated with the latest business news and stock market updates on Zee Business and optimize your tax through their income tax calculator.
Bajaj Finance and RBL Bank have ended their 8-year partnership for co-branded credit cards, causing a dip in shares for both entities. The apex lender, Reserve Bank of India, has raised concerns over co-branded cards, leading to mandatory approval for NBFCs every 2 years. The affected entities are now focusing on new partnerships and strategies for their credit card businesses, causing a bearish outlook for RBL Bank and a positive outlook for Bajaj Finance according to analysts. Stay updated with the latest business news and stock market updates on Zee Business, and utilize resources like the Income Tax Calculator to save money through our personal finance coverage.
The Indian government has issued a notice to Skoda Auto Volkswagen India, a subsidiary of Volkswagen, for allegedly evading $1.4 billion in taxes through misclassification of imported car components. The company is accused of splitting car kits into individual parts to pay lower taxes, resulting in a significantly lower duty payment of $981 million since 2012. If found guilty, Volkswagen could face penalties equal to 100% of the evaded amount, potentially totaling $2.8 billion. This case highlights the challenges foreign companies face in India's competitive market, as similar disputes have arisen with companies like Tesla and Vodafone. Despite defending its practices, Volkswagen's operations in India may still be impacted, as the investigation continues.
The Oil Ministry has proposed the elimination of windfall profit tax on crude oil to the Finance Ministry, while also requesting the inclusion of natural gas and petroleum products under the Goods and Services Tax framework. The upcoming GST Council meeting may discuss this proposal, but many states are cautious about including petroleum products under GST due to revenue concerns. Finance Minister Nirmala Sitharaman has emphasized that the GST law already has provisions for this inclusion, and it is now up to the GST Council to reach a consensus on the matter.