PAN 2:0: What To Know, Change, Benefits & More

India has been successfully climbing up the ladder of growth and development and one of the reasons behind such consistent and committed growth is the government’s ability to keep up with the times. It is very important to modify and update to make space for the changes that come over time. And one such change has been introduced in the Permanent Account Number also known as the PAN card services.

It is issued by the Income Tax Department of India and comprises a ten-character alphanumeric identifier. The identifier helps people conduct a wide range of financial transactions within the boundaries of the law.

Recently, the government of India has introduced some key changes and updates in the existing PAN card services making it PAN 2.0. The updated changes aim to smoothen the operations concerning PAN to make it more efficient and safe.

Read More: Online PAN Application

Changes Under PAN 2.0

On 25th November the Prime Minister of India, Shri Narendra Modi launched an initiative called PAN 2.0. The government has introduced certain changes and updates in the existing PAN card services to improve their working for both the authorities and the people of India. The government has announced that around Rs. 1,435 crore would be released towards the same.

Some major changes that have been introduced under PAN 2.0 are mentioned below in detail for one’s better understanding, as every change affects us all.

A Single Platform

There will be a single platform for both, PAN and TAN (Tax Deduction and Collection Account Number). This merger would help in increasing efficiency and would eliminate any sort of delays happening due to operational difficulties.

Digital India

The government is working toward its commitment to turning from paper to digital in many aspects of the country. Digital systems ensure quick, convenient, and accurate working of PAN.

QR Codes

Under PAN 2.0, PAN cards will have a QR code that will help people carry out all PAN-related functions such as accessing data of the cardholder, verification process, etc. simply through a scan.

Quick e-PAN Generation

People applying for PAN cards for the first time can do so with the help of their Aadhaar cards. e-PAN will be issued immediately after the successful registration without any extra charges.

How Would PAN 2.0 Benefit The People?

Changes introduced through PAN 2.0 would help people in a variety of ways. Some of the major benefits are mentioned below:

• Increased efficiency: The new upgrades introduced in the existing PAN card services would quicken the working of the system without any delays.

• High security: PAN 2.0 is much more safe and secure than the old system. This was done to protect the sensitive information of the people of India.

• Free of cost: The changes introduced through PAN 2.0 would be accessible without any additional charges.

Read More: Download Aadhar Card: Complete Guide

Conclusion

PAN 2.0 would help the government in making the existing PAN card services more efficient and secure for both the authorities and the people of India.

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