To enhance the Indian paperless, the government released the PAN 2.0 updated model of the Permanent Account Number, designed for a more efficient supply of taxpayer services and personal data protection.
Key Features of PAN 2.0
– Unified Digital Platform: PAN 2.0 combines core and non-core PAN/TAN services to one computerized, paperless system and is easy for taxpayers.
– Enhanced Data Security: It also has better features of information security compared to the former traditional system of service delivery.
– QR Code Integration: The latest PAN cards will have a QR code which will help to verify quickly and get some important information.
Implementation and Budget
Interestingly, the Union Cabinet has cleared ₹1,435 crore for the PAN 2.0 project to indicate the government’s serious intent on the reformist path of tax administration.
Implications for Taxpayers
PAN holders can maintain their previous cards since they have not been invalidated for the existing ones. Nevertheless, for those who want to update the information, or want a reprint, the recipient will get a PAN 2.0 card that has additional features.
The new electronic service delivery channel enables service consumers to enjoy improved efficiency, reliability, and security when transacting their pan-related services. For further details, log on to the Local Income Tax Department’s website.