PAN 2.0 FAQs answered! Will your PAN Card change, will it have a brand new quantity? Revenue Tax Division releases high 10 factors – Instances of India

PAN 2.0: The Income Tax Department‘s PAN 2.0 Challenge has acquired approval from the Cupboard Committee on Financial Affairs (CCEA). This initiative seeks to boost and digitise PAN and TAN administration programs, bettering accessibility and effectivity.
The modernised system goals to ship improved service effectivity, strong grievance decision, and strengthened knowledge safety. Customers will profit from streamlined on-line functions, simplified updates, and digital PAN validation.
Current PAN card holders can relaxation assured as no reapplication is important underneath the federal government’s new scheme. Through the Cupboard briefing, Union Minister Ashwini Vaishnaw clarified that the improved PAN card options, together with the newly integrated QR code, wouldn’t incur any further prices for taxpayers.

What’s PAN 2.0?

The PAN 2.0 Challenge represents an digital governance initiative by the Revenue Tax Division, aimed toward modernising taxpayer registration providers. This initiative focuses on bettering PAN providers via modern technological options. The undertaking consolidates all PAN-related processes, together with allotment, updates and modifications, while incorporating TAN providers into its framework.
Moreover, the undertaking will supply on-line PAN authentication and validation providers to numerous organisations, together with monetary establishments, banks, and governmental our bodies at each central and state ranges.

PAN 2.0 FAQs Answered:

For larger readability on the PAN 2.0 undertaking and what it means for taxpayers, the Ministry of Finance has launched a listing of FAQs or Often Requested Questions:
How will PAN 2.0 be totally different from the prevailing setup?

Do current PAN CARD holders have to use for a brand new PAN underneath the upgraded system? Do it is advisable change your PAN quantity?
No. Holders of present PAN playing cards needn’t fear about acquiring a brand new PAN underneath the upgraded system (PAN 2.0). Their current PAN numbers stay legitimate and unchanged.
If new PAN playing cards are QR code enabled, will older ones proceed to perform as it’s? What’s going to QR code assist with?

Do I would like to vary my PAN card underneath the PAN 2.0?
No, current PAN cardholders needn’t change their playing cards until they require updates or corrections. All legitimate PAN playing cards will stay operational underneath PAN 2.0.
For individuals holding multiple pan, how will you establish and weed out the additional PAN ?
In line with the Revenue-tax Act, 1961, holding a number of PANs is just not permitted. People with a number of PANs should inform their Jurisdictional Assessing Officer to have extra PANs deactivated or deleted.
PAN 2.0 introduces refined programs to detect potential duplicate PAN functions. Its centralised mechanism for resolving duplicates will considerably cut back situations of people holding a number of PANs.
What does the “Unified Portal” imply?
Presently, PAN providers function throughout three separate portals. The brand new PAN 2.0 Challenge will consolidate all PAN/TAN providers onto a single built-in portal managed by the Revenue Tax Division. This unified platform will embody complete providers together with allocation, modifications, corrections, On-line PAN Validation (OPV), AO data, AADHAAR-PAN linking, PAN verification, e-PAN requests and PAN card reprinting services.
This consolidation goals to streamline processes and eradicate delays in service supply and grievance decision that beforehand occurred as a result of a number of software channels (on-line eKYC, on-line paper mode and offline submissions).
Do individuals have an choice to get corrections achieved on PAN, like title, spellings, tackle change and many others?
PAN Card holders can replace or right their current PAN data, together with e mail, cellular, tackle, and private particulars like title and date of delivery, with none costs as soon as the PAN 2.0 Challenge begins.
Earlier than the PAN 2.0 undertaking launch, holders can modify their e mail, cellular and tackle particulars for gratis via Aadhaar-based on-line providers by visiting:
* https://www.onlineservices.nsdl.com/paam/endUserAddressUpdate.html
* https://www.pan.utiitsl.com/PAN_ONLINE/homeaddresschange
For all different PAN element modifications or corrections, holders should comply with the present process, which includes both visiting bodily centres or submitting on-line functions with relevant charges.
Lots of people haven’t modified their addresses and are persevering with with outdated tackle. How will the brand new PAN be delivered? By when will the new PAN Card get delivered?
PAN cardholders will obtain a brand new card provided that they particularly request one as a result of needed updates or corrections of their current PAN particulars. For individuals who want to modify their outdated tackle, a complimentary Aadhaar-linked on-line service is out there via these web sites:
* https://www.pan.utiitsl.com/PAN_ONLINE/homeaddresschange
* https://www.onlineservices.nsdl.com/paam/endUserAddressUpdate.html
As soon as accomplished, the tackle modification can be mirrored within the PAN database system.
What’s – the “Frequent Enterprise identifier for all business-related actions in specified sectors”?
The Union Price range 2023 introduced that organisations requiring a PAN would utilise it as their unified identifier throughout digital platforms of designated authorities businesses.
Will Frequent Enterprise identifier substitute the prevailing distinctive taxpayer identification quantity i.e. PAN?
No, the present PAN will function the Frequent Enterprise identifier.