New Delhi: The Income Tax Department provided major relief to taxpayers enrolled with it and holding a permanent account number (PAN) by clarifying that these persons are not required to re-apply for PAN 2.0. According to the I-T department, PAN 2.0 is aimed ta rolling out a “common identifier” for business activities.
A sum of Rs 1,435 crore was demarcated for PAN 2.0 Project by the Prime Minister Narendra Modi-led Cabinet Committee on Economic Affairs (CCEA). PAN 2.0 entails an overhaul of the system for issuance and management of PAN and TAN.
The Cabinet Committee of Economic Affairs (CCEA) has given approval for the PAN 2.0 Project, a transformative e-Governance initiative by the Income Tax Department.
Key Highlights:
➡️The project addresses the requirements of taxpayers, focusing on consolidation of multiple…
— Income Tax India (@IncomeTaxIndia) November 26, 2024
What is PAN?
Permanent account number or PAN is an alphanumeric unique identity that is assigned to Indian taxpayers by the Income Tax Department. Idnia’s current PAN base number 78 crore while TAN holders stood at 73.28 lakh at last count, according to official data. PAN is used by taxpayers while filing their advance or annual taxes for an assessment year. TAN or Tax Deduction and Collection Account Number is the number assigned to entities that are authorised to collect taxes on behalf of the tax department and submit it to the tax watchdog. The I-T department will only update the PAN for cardholders who apply for a change or correction.
What is PAN 2.0?
According to the I-T department PAN 2.0 will tackle the back-end technical infrastructure used to handle PAN and TAN. The amount earmarked for this project will enable a technological overhaul of the system. The QR code in PAN card was rolled out earlier by the Income Tax department and is not a feature unique to PAN 2.0, it added. QR code embedded PAN will be available under both Pan 1.0 and 2.0 going forward.
PAN 2.0 will integrate the PAN and TAN services to a single unified portal, a change fro the 33 portals used earlier, namely, e-filing Portal, UTIITSL Portal, and Protean e-Gov Portal. This portal will offer the following services:
S. No.
Services
1
Allotment
2
Updation
3
Correction
4
Online PAN Validation (OPV) Know your AO
5
Aadhaar-PAN linking
6
Verify your PAN
7
Request for e-PAN
8
Request for re-print of PAN card
What is PAN QR code?
QR code embedded PAN card is a feature that enables authentication of the PAN holder’s details such as:
S. No.
Details
1
Photo
2
Signature
3
Name
4
Parent’s name
5
Date of birth
PAN 2.0 does not entail compulsory re-enrolment but an upgrade of the back-end technology architecture for enrolling taxpayers into PAN and TAN, according to the Income Tax department. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
