PAN 2.0 announcement?
what is What is the use for people?
The central government has announced the PAN 2.0 scheme in the direction of bringing various changes including improvement of PAN cards, adoption of advanced technology. It has many objectives including tax reform, simplification of taxpayer registration process. So, what is PAN 2.0?
What is the use of this? Here is a brief overview of what technology will be present.
What is PAN 2.0?
In the changing times, PAN card is essential for everyone including public, tax payers, businessmen. Therefore, the central government has implemented the PAN 2.0 scheme to improve the PAN card. PAN card has announced a new scheme for easy registration, business simplification, simplification of taxpayer registration process, safeguarding people’s safety and adoption of modern technology.
E-PAN can also be obtained
People can also get instant e-PAN under the PAN 2.0 scheme. E-PAN will come in handy instead of physical PAN while doing financial transactions. It will also be beneficial for first time panners. One can apply for Instant E-PAN by visiting Income Tax Department website. This is a free service.
2 Existing PAN inactive?
After the announcement of the PAN 2.0 scheme by the central government, there are rumors that the existing PAN cards will become inactive. However, according to information given by Union Information and Broadcasting Minister Ashwini Vaishnav, the existing PAN cards will not be deactivated. Minister has requested to update PAN for safety and simple process.
Must-Know Points
• The new pancard will have a QR code, which is important for security
# PAN 2.0 project is a single platform for PAN and TAN (Tax Deduction and Collection Account Number).
# In the income tax department Bhiti should be filled and PAN should be updated. There is no charge for this.
# Emphasis on simplification of business, easy registration for taxpayers, digitization is the main goal.
1,435 crore Rs.
The money to be spent by the central government for Pig 2.0 project
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