PAN 2.0: What will happen to old PAN card? Here are frequently asked questions (FAQs) on new PAN card

Income Tax Department's PAN 2.0 Project:?The nation's present permanent account number (PAN) system has been updated by the government and launched the PAN 2.0 project. Through PAN 2.0, the Income Tax Department (ITD) intends to digitize and streamline India's current PAN system.On Monday, November 25, Prime Minister Narendra Modi's Cabinet Committee on Economic Affairs (CCEA) gave its approval to the PAN 2.0 initiative.The Income Tax Department (ITD) issues PANs, which are ten-digit unique alphanumeric numbers. The department uses this number to connect all associated transactions, such as tax payments, TDS/TCS credits, income returns, specific transactions, correspondence, and so forth.?

PAN 2.0 All FAQs Answered By The Government

Credit: Times Of India

Here are the FAQs being answered by the finance minister for the taxpayers. The questions that are coming into the mind of the people after launching the PAN 2.0 project.??

1. What is PAN 2.0 project?

The Income Tax Department's PAN 2.0 project is an e-governance initiative designed to implement innovative modifications to the taxpayer registration services business process. Its goal is to use the newest technologies to raise the caliber of PAN services. The Income Tax Department will streamline the PAN allocation, updating, and correction process through this project. This project has also been combined with TAN Services. Financial organizations, banks, government agencies, and state and federal government departments will all have access to PAN authentication validation through online PAN validation services.? ?

2. What will happen to old PAN card?

The existing taxpayers do not have to change their existing PAN card. PAN holders can have these modifications or corrections made if they wish to modify their current PAN's email address, mobile number, address, name, or date of birth. PAN holders can use Aadhaar-based online services to update their email, mobile number, and address till the PAN 2.0 project is implemented.?

3. Is PAN 2.0 is different from the existing setup?

Platform Integration: PAN/TAN services will now be hosted on a single platform run by the Income Tax Department, replacing the three separate portals that currently house PAN-related services (the e-filing portal, the UTITSL portal, and the ProTan e-Gov portal). The new portal would include services such as PAN and TAN allocation, TAN amendment, correction, online PAN validation, know your assessment officer, Aadhaar-PAN linkage, PAN verification, e-PAN request, and PAN card reprinting. And thanks to technology, the entire procedure will be paperless.?

Facilitation for Taxpayers: PAN allocation, updating, and correction shall be carried out at no expense to the taxpayer. The registered e-mail address will receive the e-PAN. If applicants want a physical PAN card, they must deposit Rs 50 (domestic). In addition to the fees imposed by India Post, applicants will need to pay Rs 15 for the card to be delivered outside of India.

4. Will the existing PAN card holders have to apply for a new PAN under the upgraded system? And will the PAN number have to be changed?

The PAN 2.0 project does not need current PAN cardholders to apply for a new PAN.

5. Will it be possible to make corrections like change in name, spelling, address in PAN?

PAN holders can have these modifications or corrections made if they wish to modify their current PAN's email address, mobile number, address, name, or date of birth. Additionally, there won't be any fees associated with this. PAN holders can use Aadhaar-based online services to update their email, cellphone number, and address till the PAN 2.0 project is implemented.

6. If new PAN cards are QR code enable, will older ones continue to function as it is? What will QR code help with?

Since 2017–2018, QR codes have been a common feature on PAN cards. As part of the PAN 2.0 project, these codes will be updated to reflect the most recent data in the PAN database. Using the more recent PAN 2.0 platform or the current PAN 1.0 system, those who have older PAN cards without QR codes can request new ones with them. The PAN and its accompanying data can be authenticated using the QR code. At the moment, a specialized reader application was needed to verify the information contained in QR codes. This program shows detailed information, such as the name, father's or mother's name, date of birth, signature, and photo, when it is used fraudulently.

7. What does the 'Unified Portal' mean?

Three distinct portals currently host PAN-related services. All PAN/TAN-related services will be housed on the Income Tax Department's single, unified portal as part of the PAN 2.0 project. All PAN and TAN end-to-end services, including allotment, updation, correction, online PAN verification (OPV), knowing your AO, Aadhaar-PAN linking, verifying your PAN, request for e-PAN and request for reprint of PAN card, will be accessible on this portal, streamlining procedures and preventing delays in PAN service delivery and grievance redressal caused by various application receipt modes (online eKYC, online paper mode, and offline).

8.?If a person has more than one PAN, how will they be identified and how will the extra PAN be deleted??

According to the Income Tax Act of 1961, an individual is not permitted to possess more than one PAN. If someone possesses more than one PAN, they must notify their local Assessing Officer and have the additional PAN removed or deactivated. Better methods for spotting possible duplicate PAN requests and centralized, enhanced procedures for resolving duplication will make it less likely that someone will hold multiple PANs in PAN 2.0.?

9.?What is the 'Common Business identifier for all business-related activities in specified sectors'?

Organizations that need a PAN will use it as their unique identification number on all digital platforms of approved government authorities, according to the union budget 2023.

10.?For people holding more than one PAN, How will you identify and weed out the extra PAN?

Having more than one PAN is prohibited by the Income-tax Act of 1961. To have extra PANs deactivated or canceled, individuals having numerous PANs must notify their Jurisdictional Assessing Officer. Advanced algorithms to identify any duplicate PAN applications were introduced with PAN 2.0. Its centralized duplicate resolution technique will drastically cut down on the number of people with numerous PANs.

To stay updated on the stories that are going viral follow Indiatimes Trending.