Personal Finance News
3 min read | Updated on December 19, 2024, 16:42 IST
SUMMARY
PAN holders are neither required to apply for a new PAN nor obtain a new PAN card under PAN 2.0, according to the government. Also, there will not be any financial burden on PAN holders including economically weaker sections of society.
Under Pan Card 2.0 system, existing PAN holders are not required to get a new card. Representational image
Is it necessary to change my PAN Card under PAN 2.0? Why has the Government introduced the new PAN system?
Taxpayers have been asking the above questions since the Cabinet Committee on Economic Affairs (CCEA) approved the Permanent Account Number (PAN) 2.0 project in November 2024. Recently, this issue was raised in the Lok Sabha as well.
On December 16, 2024, Member of Parliament (MP) Charanjit Singh Channi, asked the government to explain the rationale behind the introduction of the new PAN card system.
In response, the Ministry of Finance said existing PAN holders are not required to apply for a new PAN under the PAN 2.0 project. In other words, you don't need to change your current PAN card.
However, you may apply for a new card if you need to update or correct details.
"The existing PAN holders are not required to obtain a new PAN card under the PAN 2.0 project," Pankaj Chaudhary, Minister of State in the Ministry of Finance, said in a written reply to the query.
"The existing PAN cards held by the citizens will continue to be valid. Hence, there is no requirement of transition for citizens from the current/existing PAN card," he added.
“Since the existing PAN holders are neither required to apply for a new PAN nor obtain a new PAN card under PAN 2.0, there will not be any financial burden on PAN holders including economically weaker sections of society," the minister said.
Under the PAN 2.0 project, existing PAN holders will be allowed to correct or update their details, such as email, mobile number, address, or demographic details, such as name and date of birth free of cost. Applicants will also get e-PANs delivered to their registered email IDs without paying any amount.
For physical copies of PAN cards, however, they will have to pay ₹50 (domestic) and ₹15 along with postage charges for delivery outside India.
Till the time the PAN 2.0 project is rolled out, PAN holders can visit the following websites to update/correct their email, mobile and address free of cost through Aadhaar based online facility:
According to the Income Tax Department, PAN 2.0 is an e-Governance initiative to simplify the current PAN and TAN issuing systems.
Presently, PAN/TAN services are hosted on three different portals: e-Filing Portal, UTIITSL Portal and Protean e-Gov Portal. Also, both online and offline services are available for PAN-related services.
Under PAN 2.0, all these services will be hosted online on a single unified portal of the Income Tax Department.
The unified portal will enable services like PAN and TAN allotment, updation, correction, Online PAN Validation (OPV), Know your Assessment Officer (AO), Aadhaar-PAN linking, PAN verification, e-PAN, re-print of PAN card etc.
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