Cabinet Approves PAN 2.0: Essential Information

PAN 2.0 is an improved method that uses technology to make it simpler and easier for taxpayers to register.

The PAN 2.0 Project, a major update to the current Permanent Account Number (PAN) system, has been approved by the Union Cabinet with the goal of enhancing taxpayer services and streamlining corporate processes.

PAN 2.0: What is it?
PAN 2.0 is a more sophisticated version of the present PAN system that uses technology to make taxpayer registration simpler and easier. With a ₹1,435 crore budget, the project would modernize the Income Tax Department's digital infrastructure to give both individuals and companies a smooth experience.

PAN 2.0 features

• For improved usefulness and security, PAN cards will now have a QR code integrated in them.
  
  
• Businesses using specific government digital systems will be able to use PAN as a universal identify.
  
  
• The project will combine PAN/TAN services into a single platform and re-engineer taxpayer registration procedures.
  
  
• The project's main goals are to be quick, safe, economical, and environmentally friendly.
  
  

Advantages for users

• Services for taxpayer registration will improve in speed and usability.
  
  
• PAN 2.0 can be upgraded by current PAN holders for free.
  
  
• Data consistency and service delivery will both be enhanced by a unified system.

Do I have to submit a fresh PAN card application?

It is not necessary for you to apply for a new PAN card. Your current PAN card will continue to be valid under the PAN 2.0 project, and current cardholders won't need to do anything to access the updates, such as the QR code feature.

Importance for companies
The project is in line with the government's Digital India agenda by establishing PAN as a common identification. Companies can use this universal identity to expedite communications with government organizations, guaranteeing more efficient operations and compliance.

Range
Ninety-eight percent of the 78 crore PAN cards that have been issued thus far belong to people. The current ecosystem will be consolidated by PAN 2.0, which will also bring eco-friendly, efficient processes for all users.