PAN 2.0 Project: I-T Dept Selects LTIMindtree for Rs 811 Cr Project:

PAN 2.0 Project: I-T Dept Selects LTIMindtree for Rs 811 Cr Project LTIMindtree Ltd, an information technology firm, has received the Income Tax Department's project to boost technology infrastructure for managing Permanent Account Numbers (PANs). According to the official update, four companies had submitted bids, and LTIMindtree was picked as the winner after evaluation. The bid value of Larsen & Tourbo was Rs 811.5 crore (excluding taxes), and the adjusted value was recorded at Rs 792.55 crore (excluding taxes).

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The project aims to modernise the process of issuing and handling PAN and TAN (Tax Deduction and Collection Account Number). Taxpayers who are required to deduct TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) must have a TAN. On the other hand, PAN is a ten-digit alphanumeric number that is also required for tax purposes such as filing Income Tax Return (ITR), opening a bank account, doing large-value transactions, and buying stocks and property. The income tax department maintains a database of over 78 crore PANs and more than 73 lakh TANs.

What is PAN 2.0?

The PAN 2.0 project was approved by the Cabinet Committee on Economic Affairs in November 2024. The project aims to enhance the quality and speed of public service and handle public complaints better by using modern technology.

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The project, which is expected to go live within 18 months, will work as a central platform for all services related to PAN and TAN, covering everything from issuing new numbers, making corrections or updates, linking PAN with Aadhaar, re-issuing lost PANs, and verifying PAN details online. It aims to simplify the entire process by providing all these services in one place.

Benefits of PAN 2.0

The PAN 2.0 will have the following benefits:

• Increased Security by using AI tools.
• One Single Platform for all PAN- and TAN-related services.
• speed up the process for application and handling grievances.
• Upgraded PAN-TAN system.