PAN 2.0 Challenge: All you want to understand

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The federal government on Monday (November 25, 2024) introduced the ₹1,435 crore PAN 2.0 Challenge to form the everlasting account quantity a ‘common business identifier’ for all virtual methods of presidency businesses.

The Cupboard Committee on Financial Affairs (CCEA), chaired by way of High Minister Narendra Modi, has given its favor for the PAN 2.0 Project of the Source of revenue Tax Area with a monetary outlay of ₹1,435 crore, Data and Broadcasting Minister Ashwini Vaishnaw stated.

These days, about 78 crore PANs had been issued, of which 98% are to folks.

What’s PAN 2.0?

PAN 2.0 Challenge is an e-Governance challenge for re-engineering the industry processes of taxpayer registration services and products via technology-driven transformation of PAN/TAN services and products for enhanced virtual revel in of the taxpayers.

“This will be an upgrade of the current PAN/TAN 1.0 eco-system consolidating the core and non-core PAN/TAN activities as well as PAN validation service,” an reliable loose stated.

Advantages

• Programs and updates will likely be processed extra briefly, restricting ready past.

• A unified database promotes consistency and forestalls mistakes in taxpayer data.

• Wave PAN holders are eligible to improve their playing cards for independent of fee.

• Forms is eradicated by means of virtual procedures, which inspire sustainability.

• The platform protects vital taxpayer knowledge the use of decent applied sciences.

Can we wish to practice for a brandnew card?

Disagree, the present PAN playing cards stay legitimate.

Taxpayers don’t wish to practice for a brandnew PAN quantity, consistent with Union Minister Ashwini Vaishnaw.

As a part of the challenge, brandnew PAN playing cards with upgraded options, corresponding to a QR code for higher safety, will likely be issued at refuse spare value.

How you can practice?

The main points of the applying means of PAN 2.0 have now not been specified but by way of the Source of revenue Tax area.