Latest news with #PAN2.0
Time of India
2 days ago
- 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,
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Business Standard
20-05-2025
- Business
- Business Standard
Stock crash alert! Protean eGov can tank another 39% from here, hint charts
Shares of Protean eGov Technologies cracked another 14 per cent in opening trades on Tuesday, following the 20 per cent lower circuit yesterday, after the company lost on potential selection for the PAN 2.0 project. Protean eGov Technologies, over the weekend, informed stock exchanges that the company was not being considered for the next round of the RFP selection process for the PAN 2.0 project by the Income Tax Department. In the last four trading sessions, the stock has shed 31.6 per cent from a high of ₹1,435 on May 16. That apart, the stock has more-than-halved from its life-time high of ₹2,225 registered in August 2024. It may be recalled that Protean eGov has issued shares at ₹792 in its maiden public offer. The stock made a quiet debut on the stock exchanges, and thereafter rallied to its life-time high in August 2024. However, since then the stock has broadly witnessed downward pressure. Fo llow Stock Market Latest Updates Today LIVE Following the news, brokerage firm Equirus Securities downgraded the stock to 'Sell' with a target price of ₹900 per share. READ MORE Can the recent news flow of the company losing out a key project from the Income Tax Department further dent the stock? Here's what the technical chart suggests: Protean eGov Technologies Current Price: ₹1,046 Downside Risk: 38.8% Support: ₹925; 800 Resistance: ₹1,130 Protean eGov stock has recovered partly from its day's low of ₹981 thus far on Tuesday. Despite this, the technical chart shows that the near-term bias for the stock is likely to remain negative as long as the stock sustains below ₹1,130 levels. On the downside, the stock can potentially slide all-the-way below its issue price and test levels of around ₹640. Interim support for the stock can be anticipated around ₹925 and ₹800 levels.
