PAN 2.0 Project of Income Tax Department has been approved by centre

Current Context: The PAN 2.0 Project by the Income Tax Department has been approved by the Union Cabinet.

• This initiative aims to modernize the process of issuing and managing Permanent Account Numbers (PAN) and Tax Deduction and Collection Account Numbers (TAN).
• Here are the key aspects:
• Digital Integration: The project will integrate PAN and TAN services with other government databases, making it easier for taxpayers to update their details and ensure accuracy across various platforms.
• User-Friendly Interface: The new system will feature a more intuitive and user-friendly interface, simplifying the application, issuance, and management processes for both PAN and TAN.
• Enhanced Security: With advanced security measures, the PAN 2.0 Project will protect sensitive taxpayer information from fraud and unauthorized access.
• Efficient Service Delivery: The project will streamline operations, reducing the processing time for PAN and TAN applications and making the overall experience more efficient for users.

Question:

1 What is the primary objective of the PAN 2.0 Project approved by the Union Cabinet?

• A) To modernize the issuance and management of PAN and TAN
• B) To increase the cost of PAN and TAN services
• C) To merge PAN with Aadhaar
• D) To simplify GST registration

Answer: A) The PAN 2.0 Project aims to modernize the process of issuing and managing Permanent Account Numbers (PAN) and Tax Deduction and Collection Account Numbers (TAN), improving efficiency and user experience.