LTIMindtree Bags ₹811.5 Crore PAN 2.0 Project from Income Tax Department

In a major boost to India’s digital governance, the Income Tax Department has selected LTIMindtree Ltd, a Larsen & Toubro subsidiary, to execute the PAN 2.0 project. Cleared by the Cabinet Committee on Economic Affairs in November 2024, the project—worth ₹811.5 crore—aims to modernize and streamline PAN and TAN services and is expected to go live within 18 months.

Project Value and Selection

  • Quoted bid value: ₹811.5 crore (exclusive of taxes)
  • Adjusted bid value: ₹792.55 crore
  • Bidding process: Four companies participated, with LTIMindtree emerging as the successful bidder through the RFP evaluation.

What is PAN 2.0?

The PAN 2.0 project is a technology-driven upgrade to India’s current Permanent Account Number (PAN) infrastructure.

Key Features:

  1. One-stop digital platform for all PAN and TAN services
  2. Faster processing of applications and grievance redressals
  3. Enhanced security through AI and advanced digital solutions
  4. Integration with Aadhaar for seamless updates and validation

Importance of PAN and TAN

PAN (Permanent Account Number)

A 10-digit alphanumeric ID required for filing taxes, opening bank accounts, large cash deposits, property purchases, and stock market investments. Helps link all financial transactions of a taxpayer for easy monitoring.

TAN (Tax Deduction and Collection Account Number):

Mandatory for entities deducting or collecting tax at source. Ensures proper tracking of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source).

Current Database

  • Over 780 million PANs
  • More than 7.3 million TANs

Expected Benefits of PAN 2.0

  • Faster allotment and reissuance of PAN cards
  • Improved accuracy in updates and corrections
  • Real-time Aadhaar-PAN linking
  • Online PAN validation for financial institutions
  • Enhanced user experience via secure, tech-driven processes
  • Cost optimization and improved security for the government
Shivam

As a Content Executive Writer at Adda247, I am dedicated to helping students stay ahead in their competitive exam preparation by providing clear, engaging, and insightful coverage of both major and minor current affairs. With a keen focus on trends and developments that can be crucial for exams, researches and presents daily news in a way that equips aspirants with the knowledge and confidence they need to excel. Through well-crafted content, Its my duty to ensures that learners remain informed, prepared, and ready to tackle any current affairs-related questions in their exams.

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