What is the major difference between regular PAN and PAN 2.0? Let’s find out

December 30, 2024

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What is the major difference between regular PAN and PAN 2.0? Let’s find out

The Government of India has launched a new and improved PAN system, which is being called PAN 2.0. The scheme was announced by Union Minister Ashwini Vaishnav and the Cabinet Committee on Economic Affairs has given the green signal to the project. Now the question arises that how will the new PAN card be different from the old card? Let us 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 identification for decades. PAN 2.0 will be an upgrade of the technically older system, in sync with the government’s Digital India plan.

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 work can be done. In this way, this system will be completely digital, which will also increase security 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. The system will serve as a common identification card for business activities, which will be applicable in specific areas.

Along with this, the security system will also be strengthened so that it can be more effective against the increasing threats. This entire system will be free of paperwork, due to which this scheme will be very beneficial from the environmental point of view as well. This will also reduce the expenditure of the government.