The Income Tax Department’s PAN 2.0 project has been awarded Rs. 792 crore to LTI MindTree Ltd. The project is expected to be completed within the next 18 months, according to a report by PTI citing an official.
PAN 2.0 aims to be a unified digital platform for managing all matters related to the Permanent Account Number (PAN) and the Tax Deduction and Collection Account Number (TAN). This project is designed to improve delivery services and streamline grievance redressal processes. PAN 2.0 offers free services including allotment, updation, correction, Aadhaar PAN linking, re-issuance, and online PAN validation.
The Income Tax Department issues a 10-digit alphanumeric number, PAN, to the Indian Taxpayer. All individuals responsible for tax deductions at source or required to collect tax at source must obtain a Tax Deduction and Collection Account Number (TAN), which consists of 10 alphanumeric characters.
LTI Mindtree is all set to function as a Managed Service Provider (MSP) for the design, development, operations, implementation, and system maintenance. The Cabinet Committee on Economic Affairs (CCEA) had approved the November 25, 2024, PAN Project of Rs. 1,435 Crore. However, the existing PAN holders don’t need to reapply under the upgraded system.
Currently, services related to PAN are available on three platforms: the e-filing portal, the UTIITSL Portal, and the Protean e-Gov Portal.
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India has over 81.24 Crore PANs and more than 73 lakh TANs, which will be covered under PAN 2.0. The PAN 2.0 will aim to manage the growing demand for a wide user base via a tech-led, paperless system. LTI Mindtree shares rose upto 1.46% to Rs. 5,090.50 a piece on the BSE after the Monday announcement.
