The Cabinet Committee on Economic Affairs has granted approval for the PAN 2.0 project, a modernization effort by the Income Tax Department to simplify and improve the process of managing PAN and TAN. With a budget of Rs 1,435 crore, the project aims to consolidate multiple services, portals, and platforms into a single, user-friendly portal. This upgrade will also include a QR code and enhanced cybersecurity measures for better data protection. The goal is to make taxation processes more efficient and effective for taxpayers.
The Permanent Account Number (PAN) is a unique 10-digit alphanumeric identifier assigned to taxpayers in India. The Income-tax Department issues PANs to individuals, companies, and other entities. In an effort to streamline and improve the PAN management process, the Indian government launched the PAN 2.0 project in 2022.
The PAN 2.0 project is a modernization initiative aimed at simplifying and enhancing the process of managing PANs and Tax Deduction and Collection Account Numbers (TANs). With a budget of Rs 1,435 crore, the project will consolidate multiple services, portals, and platforms into a single, user-friendly portal.
1. When will the PAN 2.0 portal be launched?
The exact launch date is yet to be announced by the Income-tax Department.
2. Will existing PANs be affected by PAN 2.0?
No, existing PANs will continue to be valid. Taxpayers will not need to make any changes or obtain new PANs.
3. What are the benefits of PAN 2.0 for taxpayers?
PAN 2.0 offers several benefits to taxpayers, including:
4. How can I enroll for PAN 2.0?
Details on the enrollment process will be released by the Income-tax Department upon the portal's launch.
5. Will PAN 2.0 affect the existing PAN database?
PAN 2.0 will leverage the existing PAN database. The project aims to improve data accuracy, consistency, and security while maintaining the integrity of the current PAN system.
Former Chief Executive Keith Wyness has predicted that Everton could be facing a third “Profit and Sustainability Rules” hearing in the new year, which may have been postponed by the recent Friedkin takeover. The Toffees were hit with two points deductions last season, but a second case ruled that the complexity of arguments over interest payments should not be heard at that time. While the takeover has been resolved and ownership for the new Bramley-Moore Dock stadium as been finalized, there is still no resolution for Everton's potential third punishment. The Premier League is yet to make a decision on the matter.
The GST Council has recently decided to tax all used vehicles, including electric vehicles, at a uniform rate of 18%. This has led to confusion among car owners, who are now worried about the impact on their profits. However, Finance Minister Nirmala Sitharaman has clarified that the 18% tax will only be levied on the profit made from selling the vehicle, not the entire selling price. The video of her explanation has gone viral on social media, providing much-needed clarity to individuals and businesses.
Union Home Minister Amit Shah will lead an event on December 25th to inaugurate over 10,000 Multipurpose Primary Agricultural Cooperative Societies (M-PACS), dairy, and fisheries cooperatives, emphasizing on the significance of the cooperative sector in boosting self-reliance and financial inclusion. The event will feature distribution of registration certificates, RuPay Kisan Credit Cards, and micro ATMs to empower rural communities. With over 1,200 delegates expected to attend, the conference will serve as a platform to strategize strengthening of cooperatives and promoting sustainable agricultural practices. Download Krishi Jagran Mobile App for more updates on the Latest Agriculture News, Agriculture Quiz, Crop Calendar, Jobs in Agriculture, and more.
Indian apparel brand Being Human Clothing has expanded its reach by launching a new store in Chennai at Express Avenue Mall. The store was inaugurated by popular Indian dancer Prabhu Deva, adding star power to the launch. The brand, which supports charitable initiatives through its sales, looks forward to serving the people of Chennai with its stylish and socially responsible clothing options. The store offers a wide range of men's and women's apparel, along with the brand's latest Autumn/Winter 2024 collection. Being Human Clothing is available globally and aims to showcase its offerings to decision makers in the retail, eCommerce, and fashion industries.
The GST Council has decided to simplify the tax rate for the sale of old and used vehicles by prescribing a single rate of 18%, including Electric Vehicles (EVs). This will benefit both buyers and sellers as it streamlines the process and eliminates confusion about different tax rates for different types of vehicles. The update also clarifies that for registered individuals who have claimed depreciation under the Income Tax Act, they only have to pay GST on the margin between the selling price and depreciated value of the vehicle.
A recent data analysis by the Agriculture Ministry has shed light on the widening gap between the terms of trade (ToT) for farmers and agricultural labourers in India. While crop prices have increased by 111.2% over the past two decades, the cost of inputs for farming has risen by 198.1%, resulting in a decline in the ToT for farmers. This has led to a situation where agricultural labourers, who receive only wages and not the profits from farming, are faring better than the farmers themselves. The cost squeeze for farmers is mainly due to rising input costs, and they are unable to pass these on in the form of higher prices for their produce.
As Christmas approaches, consumers are still looking for options to grab a bite, shop for last-minute gifts and get groceries. This article details the operating hours of different stores, restaurants, and other businesses on Christmas Eve. While most will be open, their hours may be adjusted. Customers are advised to check with their local stores for specific information.
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Category: Technology Title: "Google Reveals Exciting Updates for Android 16 and Set Timeline for Release" Google announces the launch of the second Developer Preview for Android 16, with a confirmed release between April and June 2025. The new preview introduces a range of updates, including enhanced performance tools, advanced accessibility options, and improved security measures. The timeline for the platform's release has been set, with a major SDK release expected in Q2 and smaller updates throughout the year. The updates aim to streamline app development and improve functionality for Android 16.
Rohan Mirchandani, the co-founder of Epigamia, a popular yogurt brand, passed away at the age of 42 due to a sudden cardiac arrest. The senior leadership of Drums Food International, the parent company of Epigamia, confirmed the news and expressed their sorrow. Mirchandani, an alumnus of prominent universities, was a mentor, friend, and leader to many in the startup community, and his death has shocked and saddened them. This comes just a month after the sudden passing of Ambareesh Murty, co-founder of Pepperfry, and earlier this year, the untimely death of Rohan Malhotra, co-founder of Good Capital.