The Income Tax Department has chosen to design tamper-proof Permanent Account Number (PAN) cards to check the illicit and fake practices in tax assessment and keeping money. The central authority coordinated all the TIN (Tax Information Network) facilitation centres and Pan Card Centres to issue the recently designed PAN Cards from January 1, 2017. When India is moving towards digital economy and wallets like PayTM is going more business than ever it becomes more important than before to have secure PAN card
The Old PAN card design:
And this is how the new and improved PAN card will look like:
The new PAN card as shown above will bear the following changes:
Fast Response (QR) code with details of the PAN candidate is imprinted on the card for enabling verification. It will provide candidate’s complete details when produced before any authority. Along these lines it won’t be feasible for the cardholder to alter or distort any data identified with the card.
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Legends have been fused for particulars like name, father’s name, and date of birth.
The position of PAN and card holder’s signature has been changed as shown above.
The new PAN cards are being printed by NSDL (National Securities Depository Ltd) and UTI ITSL (UTI Infrastructure Technology and Services Ltd) as per reports.
The newly designed cards will be issued to new candidates from January 1, while the individuals who have the old PAN cards should apply for the new ones.
You can apply for new card online on the following link. This will cast you appox Rs. 100. Old cards have to be replaced with new as no last date is given so for.
The Central Board of Direct Taxes (CBDT) has corrected the income tax rules and have informed all banks to link the Permanent Account Number or Form No. 60 to the existing bank accounts by February 28, 2017. Also the PAN cards have been made mandatory for transactions exceeding Rs. 2 lakh.
There are currently more than 25 crore PAN card holders in the country. The government looks upon revamping the entire system and are in quest to eradicate corruption and black money from the Indian economy. Let’s hope this transition is smooth and hassle free.
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