PAN 2.0 Card– The PAN card in your pocket is no longer just a piece of plastic, it is the biggest proof of your financial identity. But do you know that your old PAN card is slowly becoming a thing of the past? Yes, now PAN 2.0 has arrived – that is, the new PAN card with enhanced QR code, which is smarter, safer and more powerful than ever before.

Now you don’t have to wait for weeks for a plastic card. This new digital avatar of the PAN card comes directly to your email and the QR code in it makes it almost foolproof. But why did this change happen? What is its purpose? What will happen to the old PAN card? And the most important question, how can you get this new PAN card with QR code? Let us decode every aspect of the PAN card world today and answer every question of yours.

 What is a PAN card?

PAN (Permanent Account Number) is a 10-digit unique alphanumeric number issued by the Income Tax Department. It is mandatory not only for paying taxes but also for many other purposes.

To open a bank account.

For transactions above Rs 50,000.

To buy or sell property.

To invest in the stock market.

To take a loan.

To buy or sell a vehicle.

Overall, it is a permanent record of your every major financial activity.

Why did PAN 2.0 come? What was the problem with the old card?

Over time, some major problems started arising in the old PAN card.

1. Risk of fraud: It was easy to copy and misuse the old card.

2. Difficulty in verification: There was no easy way to quickly verify a person’s PAN details.

3. Lack of information: The old card only had the name, father’s name and date of birth. It did not have your address or signature. To eliminate these problems, the Income Tax Department decided to issue new PAN cards with enhanced QR code. This change came into effect from July 2018.

The biggest strength of this new PAN card is the dynamic QR code printed on it. This is not an ordinary QR code. When you scan this QR code with the Income Tax Department’s special app (PAN QR Code Reader), it instantly shows all your details – your name, father’s name, date of birth, your photo and your digital signature – on the screen.

The biggest advantage is instant verification

Now any institution, such as a bank or a financial company, can check the authenticity of your PAN card in seconds. Just scan the QR code and match it with the information received from the government database. This has made the use of fake PAN cards almost impossible.

How to get your first PAN card with QR code?

If you are getting a PAN card for the first time, then now you will get a PAN card with QR code only. There are two ways to apply.

 Online method

You can fill the form online by visiting the Income Tax e-filing website, NSDL (now Protean) or UTIITSL website.

Required Documents: You need to upload scanned copy of Aadhaar Card, Address Proof (Aadhaar, Voter ID, Passport), and Date of Birth Proof (Birth Certificate, 10th Marksheet).

Fee: Fee is around Rs 107 for Indian address and around Rs 1017 for foreign address.