Your PAN card is not just an identity card, but an important document for many important tasks. Now a big change is going to happen in it! The Union Cabinet, headed by Prime Minister Narendra Modi, has taken an important decision and given the green signal to the PAN 2.0 project. After this, there will be a big change in your PAN card, and you will get a new PAN with a QR code. This new PAN card will be more secure and easier to use for you. Let us know about this big change in detail.
What is PAN 2.0
Union Minister Ashwini Vaishnav told the press after the cabinet meeting that the central government will launch PAN 2.0. This is a major upgrade of the existing PAN system. PAN 2.0 is an e-governance initiative aimed at making PAN-related services easy and secure. Its goal is to give a better digital experience to taxpayers.
- Making PAN / TAN service easy and secure.
- Taxpayers will get a better digital experience.
- Now your old PAN card will be replaced with a new PAN with a QR code.
Why is this change necessary
The PAN card currently being used in the country has been in use since 1972 and is issued under Section 139A of the Income Tax Act. More than 78 crore PAN cards have been issued in India, covering 98% of Indian families. The PAN number is a 10-digit alphanumeric identification card through which the Income Tax Department keeps track of any person’s financial transactions.
The new QR PAN will be better than the existing PAN card in many ways:
- All related services will be easily accessible.
- The cardholder’s data will be more secure than ever.
- It will have a QR code that can be scanned to easily check the information.
Will PAN 2.0 be available for free, and will the number change
This is the biggest question. Union Minister Ashwini Vaishnav has clarified that QR PAN will be issued to taxpayers for free. Also, he said that PAN card holders will not need to change their PAN numbers. The new PAN 2.0 will come as an improvement in the existing PAN system, so your number will remain the same, but the format of the card will change.
How much will it cost the government
This scheme of the Modi government is expected to put a financial burden of about ₹ 1,435 crore on the government. This expenditure will be on implementing this project and making all the services digital. This big step will not only strengthen the tax system, but will also make financial work very easy for the people.