PAN 2.0 Explained: New PAN card with QR code to come soon; will your card turn redundant? Who needs to change card and how to apply?

The Cabinet Committee connected Economic Affairs (CCEA) approved the PAN 2.0 task of the income taxation section connected Monday, according to an authoritative statement. The task worthy Rs 1,435 crore is expected to cater to the demands of businesses, absorption connected businesslike grievance redressal, and supply amended cybersecurity.

What is PAN 2.0?

PAN (Permanent Account Number) 2.0 is an upgraded mentation of PAN 1.0. PAN serves arsenic a unsocial payer number. The caller PAN paper aims to streamline businesses and citizen-centric operations.

According to the authoritative statement, PAN 2.0 task is an e-governance task for re-engineering the concern processes of payer registration services done exertion driven translation of PAN/TAN services for enhanced integer acquisition of the taxpayers. This volition beryllium an upgrade of the existent PAN/TAN 1.0 eco-system consolidating the halfway and non-core PAN/TAN activities arsenic good arsenic PAN validation service.

Making the announcement, Union Minister Ashwini Vaishnaw said, “PAN paper is portion of our beingness which is important for the mediate people and tiny business, it has been highly upgraded and PAN 2.0 has been approved today. The existing strategy volition beryllium upgraded and the integer backbone volition beryllium brought successful a caller way…”

Benefits of PAN 2.0

• Ease of entree and speedy work transportation with improved quality.
• Single root of information and information consistency.
• Eco-friendly processes and outgo optimisation.
• Security and optimisation of infrastructure for greater agility.

Do you request to upgrade your PAN card?

There volition beryllium nary request for citizens to modify their PAN, according to Vaishnaw. The upcoming PAN 2.0 volition beryllium introduced arsenic an enhancement to the existent PAN system. Vaishnaw further explains that the caller paper volition diagnostic a QR codification for businesslike scanning and volition beryllium wholly online.

How galore PAN cards person been issued to date?

A full of 78 crore PAN cards person been issued to day retired of which 98 per cent are owned by individuals.