Latest news with #PAN2.0
Indian Express
5 days ago
- Business
- Indian Express
PAN Card 2.0: What is it, documents required, application process, key benefits, how to apply online and more
All you need to know about PAN Card 2.0: The 10-digit alphanumeric Permanent Account Number (PAN), issued by the Income Tax Department, has long been a crucial financial document, in addition to being an identity proof. PAN 2.0 aims to enhance the user experience, align with technological advances, and modernise taxpayer registration through e-governance. The QR code function, which was introduced in 2017-18, helps to validate the PAN, will be enhanced further in PAN 2.0. The initiative also intends to establish a 'mandatory PAN data vault system' for all entities that use PAN data, including financial institutions, government agencies, and federal and state government departments, through an online validation service. According to an official release, the initiative would enable a technology-driven transformation of taxpayer registration services, hence improving access and service delivery. The Union Cabinet approved the PAN 2.0 initiative last year to make it the 'single source of truth and data consistency'; the Income Tax Department has been rolling out the updated PAN Card 2.0. It's crucial to note that existing PAN cards would remain valid under PAN 2.0, and there will be no changes in the alphanumeric PAN, according to FAQs provided by the Finance Ministry. As a result, existing PAN holders don't have to apply for the new card; however, they can upgrade their PAN for free along with PAN allocation, updates, and corrections. To apply for the upgraded PAN Card 2.0, certain essential documents are to be submitted as a set for verification. All the documents should be current, accurate, and comply with official guidelines to prevent processing delays and facilitate a hassle-free application process. This document verifies your identity. You can submit any one of the following: This is used to confirm your residential address. One of the following documents will be accepted: To validate the date of birth, any one of the following documents: Make sure that all submitted documents are legible and match the information in your application form to avoid rejection or delays. Step 1: To begin your application, visit the official NSDL website: Step 2: Fill out your PAN number, date of birth, and Aadhaar data. Step 3: Cross-check the information filled and click the checkboxes to 'Submit'. Step 4: Select your chosen way of receiving a one-time password (OTP), then input the OTP to authenticate your identity and proceed with the application. Step 5: Agree to the terms and conditions and select your preferred payment method to proceed with the transaction. If you make your request within 30 days of the PAN issuance, there is no fee for up to three requests. However, if you request it after 30 days, a fee of Rs.8.26 (including GST) will apply.
Time of India
19-06-2025
- Business
- Time of India
Applying for PAN Card? Aadhaar to be mandatory for Permanent Account Number; new rule likely from July 1, 2025
The income tax portal will implement new PAN Card application requirements starting July. Applying for a new PAN Card? From July 1, 2025 the Central Board of Direct Taxes intends to implement mandatory Aadhaar authentication for obtaining new Permanent Account Number (PAN) cards. At present, individuals can apply for a PAN using their name, birth date proof or alternative identification documents. "The move for Aadhaar-based verification aligns with the digitalisation drive and efforts to ensure accountability and compliance in tax filing," a senior official told ET. New PAN Card Rules 2025 This means that if you apply for a new PAN Card after July 1, 2025, it will be compulsory for you to have an Aadhaar card. Your Aadhaar card will be used for verification purposes to process your PAN card application. The income tax portal will implement new application requirements starting July. It's important to note that current PAN holders must also link their cards with Aadhaar. The deadline for existing cardholders to connect Aadhaar with PAN without incurring penalties is December 31, 2025. Any PAN cards not linked to Aadhaar will cease to function from the following year. The Income Tax department mandated Aadhaar linkage after discovering individuals obtaining multiple PANs or using others' PANs for tax evasion purposes. Several instances revealed the misuse of multiple PANs for fraudulent GST registrations. As of March 2024, India had over 740 million PAN cardholders, with 605 million having completed their Aadhaar linkage. Also Read | Income Tax Return e-filing: Can you keep switching between new and old tax regime every year? What taxpayers should know Meanwhile, the I-T department is rolling out the PAN 2.0 project, which is an advancement in digitalising the PAN and TAN administrative framework. The enhanced system seeks to deliver superior taxpayer services through unified platforms, ensuring streamlined operations for individuals holding PAN/TAN credentials. Existing PAN cardholders can continue using their cards without any additional steps under the new framework. The current PAN cards maintain their validity and functionality within PAN 2.0. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
NDTV
04-06-2025
- Business
- NDTV
PAN Card 2.0 Update: Key Features, Benefits, And How To Apply Online
PAN Card 2.0 is an upgraded version of the Permanent Account Number (PAN) card, featuring enhanced security measures and digital convenience. PAN 2.0 includes advanced features like a QR code for verification and supports a paperless experience. Existing PAN cardholders can also upgrade to PAN 2.0, and new applicants can apply directly for PAN 2.0. Key Features of PAN Card 2.0 Secure QR Code: A digitally signed QR code for secure verification, allowing for quick and accurate identity validation Aadhaar Integration: Better integration with Aadhaar to simplify tax and financial transactions Advanced Data Analytics: Cutting-edge technology to detect and prevent fraudulent activities Digital PAN: Instant access to e-PAN, sent directly to your registered email address Biometric Authentication: Expected to feature biometric authentication through Aadhaar-based fingerprint and iris scanning Blockchain-Based Security: Potential incorporation of blockchain technology to store and verify details securely Benefits of PAN Card 2.0 Faster KYC Verification: Streamlined Know Your Customer (KYC) processes for financial institutions, reducing paperwork and improving efficiency Reduced Fraud: Enhanced security measures to prevent identity theft and minimise misuse Seamless Integration: Direct integration with government portals, such as GST and income tax, simplifies compliance and tracking Instant PAN Issuance: Faster issuance of PAN cards, enabling quicker registration and automated tax compliance How to Apply For PAN Card 2.0 Applying for a PAN Card 2.0 online in India is a streamlined, digital process introduced by the Income Tax Department to enhance accessibility and security. Existing PAN Cardholders are automatically eligible for PAN 2.0 upgrade and can request a QR-enabled PAN card by updating details on the official website. New applicants can submit required documents, including proof of identity, address, and date of birth. Application Steps:
Business Upturn
02-06-2025
- Business
- Business Upturn
LTIMindtree shares in focus as company leads race for Rs 1,435 crore PAN 2.0 project
By Aditya Bhagchandani Published on June 2, 2025, 15:21 IST Shares of LTIMindtree Ltd remained in focus on Monday after reports suggested the IT firm is the frontrunner to bag the ambitious ₹1,435 crore PAN 2.0 project from the Income Tax Department. The stock closed marginally higher at ₹5,071, up 0.041% from its previous close of ₹5,068.90. The PAN 2.0 initiative involves complete overhaul and digitization of the PAN system, including design, development, implementation, operations, and maintenance of a unified platform. The project is aimed at making PAN a common business identifier across all specified digital government systems, boosting ease of compliance and streamlining services. Protean, a major current service provider, is also in contention but reports indicate LTIMindtree may have the edge in the bid evaluation process. According to the Request for Proposals (RFP) issued by the ITD, the Managed Service Provider will be responsible for creating a single digital portal enabling paperless operations, efficient grievance redressal, and seamless PAN services. The outcome of this ₹1,435 crore bid could prove pivotal for LTIMindtree's public sector vertical and digital transformation credentials. The market will be closely watching further developments in this regard. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Time of India
20-05-2025
- Business
- Time of India
Protean eGov of PAN fame crashes 20% as govt turns down bid.
Protean eGov Technologies witnessed a sharp decline of 20% in its stock price in a single day, falling from INR1,430 on Friday to INR1,015. The stock was downgraded after the Income Tax Department (ITD) turned down the company's bid for the contract of PAN 2.0 – a government initiative to add new features to the existing PAN (Permanent Account Number) card and make it more tech-oriented. The company is known for processing and issuing PAN cards,
