PAN 2.0: New PAN card to have a QR code, will your current PAN card become inoperative? ET Wealth online spoke to tax experts to know if the current PAN card will become inoperative due to not having a QR code on it. Read on to know experts view
The government has announced the PAN 2.0 project. At the time of the announcement, Union Minister Ashwini Vaishnaw said that the upgrade of PAN includes adding a QR code. This will be rolled out free of cost to all taxpayers. However, the question arises now whether the existing PAN becomes inoperative if it does not have a QR code.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} ET Wealth Online spoke to experts and here is what they have to say.
Naveen Wadhwa, Vice President of Research & Advisory at Taxmann.com: The PAN 2.0 project aims to consolidate PAN, TIN and TAN for businesses as a common business identifier. This will be a game changer for businesses to maintain one single identity instead of multiple ones in compliance with the Income Tax Act, of 1961. However, the addition of a QR Code on an individual’s PAN card has already been done by the income tax department in recent years. According to income tax laws, a PAN will become invalid only if it is not linked to an Aadhaar number. Merely not having a QR code on the PAN card will not make the existing PAN card invalid. However, it is recommended that individuals having PAN without a QR code must upgrade their PAN to a new design to avoid any future repercussions.
Sudhir Kaushik, CEO of Taxspanner.com: The existing PAN card will not become invalid if there is no QR code on it. The existing PAN card will remain valid and taxpayers have an option to get an upgraded PAN card with QR code without any additional code. The PAN 2.0 project aims to integrate core and non-core PAN and TAN services into a unified, paperless platform, aligning with the government’s digital India. This initiative will further strengthen the tax department net to catch tax evaders as PAN is a unified identifier for all financial transactions.
Abhishek Soni, CEO Tax2win.in: The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the PAN 2.0 initiative on 25 November, 2024. As per the announcement, the existing PAN numbers are expected to remain unchanged. However, a new PAN card with an embedded QR code in soft copy will be issued. Additionally, it has been announced that a "PAN Vault System" will be introduced to enhance the safety of PAN information. This system may imply that, similar to Aadhaar usage, an OTP authentication process could become mandatory before accessing or using an individual's PAN. This initiative aims to strengthen security and ensure better control over the usage of PAN data.
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Yogesh Kale, Executive Director, Nangia Andersen LLP: PAN 2.0 is aimed at upgrading the existing PAN system, by featuring a centralised portal for all PAN-related services, with enhanced cyber security. PAN will be a common identifier for digital interactions across government systems. System modernisation, QR code integration, unified portal, improved security and eco-friendly operations. PAN cards will now feature QR codes which will enable quick access and easy verification. Union Minister Ashwini Vaishnav has clarified that existing PAN cards will remain valid and taxpayers will not be required to apply for new PANs. However, taxpayers will have an option to upgrade the existing cards to the new PAN cards with QR codes, at no extra cost. Upgrading existing cards to the PAN 2.0 cards will ensure faster delivery of PAN-related services and data accuracy.
Nitesh Buddhadev, Chartered Accountant and founder of Nimit Consultancy: No, your PAN card will not become inactive if you don't apply for PAN 2.0 immediately. PAN 2.0 is a significant upgrade under the Digital India initiative, integrating PAN/TAN services into a unified, paperless platform. The new PAN card will feature enhanced cybersecurity and a QR code for seamless scanning while retaining the existing PAN number. However, the government has not yet announced a deadline or the process to shift, and the transition will be phased. Importantly, the current PAN cards will remain valid throughout this process, ensuring convenience for all 78 crore PAN holders.
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This story originally appeared on: India Times - Author:Faqs of Insurances
