The federal government has awarded the contract for the PAN 2.0 venture of the Earnings Tax Division to expertise consulting and digital options firm, LTIMindtree Restricted, with the venture anticipated to go reside in 18 months, officers mentioned. The bid worth of the contract is round Rs 792 crore, they mentioned.
When the PAN 2.0 Undertaking was permitted by the Union Cupboard in November 2024, the federal government had provisioned Rs 1,435 crore for the venture.
There have been different contendors additionally for the venture. Earlier, in Might this 12 months, Protean eGov Applied sciences had said that it had participated within the Earnings Tax Division’s Request for Proposals (RFP) bid for the venture for collection of the Managed Service Supplier (MSP) for design, improvement, implementation, operations and upkeep of the PAN 2.0 Undertaking however the firm had not been chosen.
Shares of LTIMindtree ended at Rs 5,088.25 per share, up 1.42 per cent from the earlier shut on BSE.
The PAN 2.0 Undertaking goals to simplify the PAN/TAN processes for higher high quality of service to the general public, sooner service supply and enhance grievance redressal mechanisms by leveraging newest applied sciences, an official mentioned. PAN 2.0 Undertaking will deal with comprehensively points/issues associated to PAN and TAN, together with allotment, updates/corrections, Aadhaar-PAN linking, re-issuance requests, on-line PAN validation and so forth. as a one-stop platform, the official added.
Below the PAN 2.0 venture, the 10-digit alphanumeric Everlasting Account Quantity (PAN) issued by the Earnings Tax Division is about to have a slew of upgrades – enhancement of the QR code function for brand new and previous playing cards, a totally on-line software course of and a merger of all current identification numbers to make PAN because the widespread identifier for companies. The QR code function, which started in 2017-18, helps validate the PAN. This function will proceed with some enhancements. Moreover, a “PAN information vault system” will probably be created for all entities utilizing PAN information, for information safety and cybersecurity functions.
PAN acts as an identifier for the individual with the tax division and stays the identical as soon as allotted. Of the 78 crore PAN playing cards issued, 98 per cent belong to people. PAN permits the I-T Division to hyperlink transactions corresponding to tax funds, Tax Deducted at Supply (TDS)/Tax Collected at Supply (TCS) credit and earnings returns with the Division. TAN stands for Tax Deduction and Assortment Account Quantity, a 10-digit alphanumeric quantity issued by the I-T Division. TAN needs to be obtained by individuals answerable for deducting or gathering tax at supply. It’s obligatory to cite TAN in TDS/TCS return, any TDS/TCS fee challan and TDS/TCS certificates.
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With PAN already linked to Aadhaar, it’s anticipated to develop into a powerful supply of identification and knowledge for authorities. Current PAN playing cards will proceed to be legitimate beneath PAN 2.0.
Current PAN holders needn’t mandatorily apply for the brand new card however may improve their PAN freed from value. The quantity or PAN would stay the identical. The allotment or replace or correction of PAN will probably be executed freed from value and e-PAN will probably be despatched to the registered e mail ID. For a bodily PAN card, the applicant has to make a request together with a payment of Rs 50 (home). For supply of playing cards exterior India, Rs 15 plus postal prices will probably be charged, a set of FAQs issued by the federal government final 12 months had said.
At present, PAN-related companies are unfold throughout three platforms: the e-filing portal, the UTIITSL portal, and the Protean e-Gov portal. These companies will now be built-in right into a single, unified portal. “This one-stop platform will comprehensively deal with points/issues associated to PAN and TAN… By doing so, the I-T Division endeavours to simplify processes, remove delays, and enhance grievance redressal mechanisms,” the FAQs had mentioned.
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