MONEY
The Centre recently announced the PAN 2.0 project, raising numerous questions among existing PAN holders about the fate of their current cards, the cost of obtaining a new one, and the features included in the updated version. One of the most talked-about features of the new PAN card is the QR code. While many assume it is a new addition, the QR code has been a part of PAN cards since 2017-18. Under the PAN 2.0 project, this feature will be upgraded to a dynamic QR code that reflects the latest data from the PAN database. PAN holders with older cards that lack a QR code can apply for a new card with this enhancement under both the existing PAN 1.0 system and the upgraded PAN 2.0. The QR code is essential for validating PAN details and ensuring their authenticity. The PAN 2.0 project is an e-governance initiative aimed at re-engineering the business processes of taxpayer registration services. The Income Tax Department (ITD) is consolidating processes related to PAN/TAN services, leveraging advanced technologies. This project focuses on process simplification, faster service delivery, effective grievance redressal, and enhanced data protection. Also read: PAN 2.0: Upgraded PAN with QR code to work like ‘business Aadhaar’ | What it means for users Responding to concerns about financial implications, the government in the Lok Sabha recently stated that existing PAN holders are not required to apply for or obtain a new PAN card under the PAN 2.0 project. Therefore, no financial burden will be imposed on economically weaker sections. Under the new system, requests for PAN allotment or updates will be processed free of cost. However, a fee will apply if an applicant opts for a physical PAN card. Minister of State in Finance Ministry, Pankaj Chaudhary stated that a cost-benefit analysis was conducted for the PAN 2.0 project. A Detailed Project Report (DPR) was prepared, appraised, and recommended by the Public Investment Board (PIB) and supported by the Department of Expenditure, he informed the House. The project focuses on upgrading existing processes for better taxpayer services, with no wastage of public money , the minister said, adding that no new PAN card has been proposed to replace current ones, and the enhancements aim to streamline services for future applicants. Consultations for the PAN 2.0 project were held with key stakeholders, including ITD field formations, UIDAI, SEBI , RBI , MCA, and GSTN. The initiative was also evaluated by the Standing Technical Committee and endorsed by the Empowered Technology Group of the Government of India . The government emphasised that existing PAN cards will remain valid. There is no requirement for current PAN holders to transition to a new card under the PAN 2.0 system, ensuring continuity and convenience for citizens. This clarification assures taxpayers that the PAN 2.0 project aims to enhance services without imposing additional costs or burdens on existing PAN cardholders. None
What’s New
Spotlight
Advertisement
Featured News
Latest From This Week
Popular News
