The government is introducing an upgraded version of the Permanent Account Number (PAN) card, known as PAN 2.0, which will feature a QR code to enhance the digital experience for taxpayers.
This initiative is part of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi.
The government has approved an investment of ₹1,435 crore for this project, aiming to make PAN the primary identifier across all government digital systems.
Benefits of PAN 2.0
The new PAN card with a QR code will be issued free of cost, offering several advantages:
1) Easier access to services.
2) Faster processing and improved service quality.
3) Centralized taxpayer information for better data security.
4) Cost-effective and eco-friendly processes.
This initiative supports the government’s Digital India vision by making PAN a common identifier across various government platforms, streamlining services for users.
Key Details About the PAN 2.0 Project
The PAN 2.0 project is an e-governance initiative to revolutionize taxpayer registration and service access using advanced technology.
It builds upon the existing PAN/TAN system (PAN 1.0), offering better integration and efficient verification of PAN details.
India has issued approximately 78 crore PANs so far, with 98% allocated to individuals.
What is a PAN?
A PAN is a 10-digit alphanumeric identity card issued by the Income Tax Department. It is essential for all financial transactions, similar to how a voter ID is required for voting.
The PAN enables the Income Tax Department to track financial activities, making it a vital identification tool for anyone engaged in financial dealings.
PAN helps the Income Tax Department track an individual’s financial activities, making it an essential identification for anyone involved in financial transactions.
