- 5 August | Toppers Wrote 1000 Answers Between Prelims & Mains! | Click Here to Watch →
- 5 August | Are you the Average of the 5 People Around You by Mr. Ayush Sinha | Click Here to Watch →
- 5 August | First UPSC Mains Don't Chase AIR 1 by Mr Ayush Sinha | Click Here to Watch →
News: The Cabinet Committee on Economic Affairs (CCEA) has given its approval for the PAN 2.0 Project of the Income Tax Department.
About PAN 2.0 Project
1. It is an e-Governance project aimed at improving taxpayer registration services by using technology to transform PAN/TAN services.
- Permanent Account Number (PAN): A 10-digit alphanumeric ID issued by the Income Tax Department to track financial transactions, tax payments, and returns. It is permanent and mandatory for filing income tax returns.
- Tax Deduction and Collection Account Number (TAN): A 10-digit alphanumeric identifier required for deducting or collecting tax at source. It is mandatory to quote TAN in Tax Deducted at Source (TDS)/Tax Collected at Source (TCS) credits returns, payment challans, and certificates.
2. The PAN 2.0 project aims to create a “common business identifier” for all digital systems of government agencies. All PAN/ TAN/ TIN will be clubbed under this system.
3. Under this project citizens will get a free upgrade of their PAN card with a new QR Code. Existing PAN cards will remain valid, and citizens will not need to apply for new PAN numbers.
4. The project also aims to set up a unified portal and a “mandatory PAN data vault system” for all entities using PAN data. It is being done for data protection and cybersecurity purposes.
