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PAN 2.0 Project

PAN 2.0 Project

PAN 2.0 Project: A day after the Cabinet Committee on Economic Affairs approved PAN 2.0, the Income Tax Department issued a detailed clarification on the project.

About

Origin: Introduced in 1972; revamped in 1995 for improved tax compliance.

Department: Issued and managed by the Income Tax Department under the Central Board of Direct Taxes (CBDT).

Aim: To link individuals and entities with their tax-related transactions, ensure transparency, and streamline tax compliance.

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Comparison of PAN and PAN 2.0:

AspectPANPAN 2.0
Introduction Year1972 (revamped in 1995)2024 (Planned Upgrade)
Issuance SystemHosted on multiple platformsUnified portal for all PAN/TAN services
Application ProcessPartially online with paper-based optionsFully online, paperless process
QR CodeIntroduced in 2017, basic validationEnhanced dynamic QR code with real-time data
Updates/CorrectionsFee-based updatesFree updates for details like name, DOB, address
Data SecurityNo centralized data vaultMandatory PAN Data Vault for enhanced cybersecurity
Business IdentifierPAN used for tax-related activitiesUnified business identifier for multiple systems
Grievance RedressalLimited, through individual portalsStreamlined grievance system via unified portal
Existing PAN ValidityRemains validRemains valid but upgrade available for free

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