The Cabinet Committee on Economic Affairs has granted approval for the PAN 2.0 project, a modernization effort by the Income Tax Department to simplify and improve the process of managing PAN and TAN. With a budget of Rs 1,435 crore, the project aims to consolidate multiple services, portals, and platforms into a single, user-friendly portal. This upgrade will also include a QR code and enhanced cybersecurity measures for better data protection. The goal is to make taxation processes more efficient and effective for taxpayers.
The Permanent Account Number (PAN) is a unique 10-digit alphanumeric identifier assigned to taxpayers in India. The Income-tax Department issues PANs to individuals, companies, and other entities. In an effort to streamline and improve the PAN management process, the Indian government launched the PAN 2.0 project in 2022.
The PAN 2.0 project is a modernization initiative aimed at simplifying and enhancing the process of managing PANs and Tax Deduction and Collection Account Numbers (TANs). With a budget of Rs 1,435 crore, the project will consolidate multiple services, portals, and platforms into a single, user-friendly portal.
1. When will the PAN 2.0 portal be launched?
The exact launch date is yet to be announced by the Income-tax Department.
2. Will existing PANs be affected by PAN 2.0?
No, existing PANs will continue to be valid. Taxpayers will not need to make any changes or obtain new PANs.
3. What are the benefits of PAN 2.0 for taxpayers?
PAN 2.0 offers several benefits to taxpayers, including:
4. How can I enroll for PAN 2.0?
Details on the enrollment process will be released by the Income-tax Department upon the portal's launch.
5. Will PAN 2.0 affect the existing PAN database?
PAN 2.0 will leverage the existing PAN database. The project aims to improve data accuracy, consistency, and security while maintaining the integrity of the current PAN system.
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