The Government of India has introduced a new and improved PAN system, which is being called PAN 2.0. The scheme was announced by Union Minister Ashwini Vaishnaw and the Cabinet Committee on Economic Affairs has given the green signal to the project. Now the question arises, how will the new PAN card be different from the old card? Let’s know about this new scheme of the Income Tax Department.
New Features of PAN 2.0
The Permanent Account Number (PAN) was introduced in 1972, and has been used as a taxpayer’s identity for decades. PAN 2.0 will be an upgrade of the technologically outdated system, which matches the government’s Digital India scheme.
The central government is planning to spend Rs 1,435 crore to upgrade this system. The new PAN card will have a QR code, which will make scanning easier and more online tasks can be done. In this way, this system will be completely digital, which will also increase safety and effectiveness.
The new system aims to provide a faster and better experience to taxpayers, allowing them to access their services more easily and more effectively. This system will work as a common identity card for business activities, which will be applicable in specific areas.
At the same time, the security system will also be strengthened so that it can be more effective against increasing threats. This entire system will be freed from paperwork, which will also make this scheme very beneficial from the environmental point of view. This will also reduce the cost of the government.
