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Mint
7 hours ago
- Mint
PAN 2.0 goes live next year: What does this mean? What should existing holders do?
The Income Tax (I-T) Department is expected to bring its ambitious ₹ 1,435 crore PAN 2.0 project live next year, and has chosen IT major LTIMindtree as the Managed Service Provider (MSP) for the design, development, implementation, operations, and maintenance of the project. Expected to be a 'one-stop platform' to comprehensively handle matters related to PAN and TAN, such as allotment, updates or corrections, Aadhaar-PAN linking, re-issuance requests, online PAN validation etc., it is aimed at simplifying the PAN and TAN processes, enhance quality of service, and improving grievance redressal mechanisms. The Cabinet Committee on Economic Affairs (CCEA) approved the I-T dept's ₹ 1,435-crore project on November 25, 2024. At present, PAN-related services are spread across three different platforms — the e-Filing Portal, UTIITSL Portal, and Protean e-Gov Portal. With PAN 2.0, services will be merged into a single, unified portal. PAN 2.0 will comprehensively use technology for paperless processes. Allotment / updation / correction of PAN will be done free of cost and e-PAN will be sent to the registered mail ID. A 10-digit alpha-numeric number, Permanent Account Number (PAN) is issued by the I-T dept to Indian taxpayers. Similarly, Tax Deduction and Collection Account Number (TAN) is a 10-digit alpha-numeric number that is obtained by all persons responsible for deducting tax at source or who are required to collect tax at source. PAN has an existing database of over 81.24 crore, while TAN has more than 73 lakh holders. These existing PAN holders are not required to apply for a new one under the upgraded PAN 2.0 system. This involves ease of access, speedy service delivery with improved quality, a single source of truth and data consistency, eco-friendly processes and cost optimisation, and security and optimisation of infrastructure for greater agility, according to an official statement. The government aims to enable the Pan 2.0 project under Digital India, which will make PAN eligible as a common identifier for all digital systems of specified government agencies. The new system aims to upgrade the current PAN/TAN 1.0 eco-system, consolidating the core and non-core PAN/TAN activities and the PAN validation service, as per the official release. The QR code has been incorporated in PAN cards since 2017-18. The same will be continued under the PAN 2.0 project with enhancements such as a dynamic QR code that displays the latest data present in the PAN database. PAN holders who have an old PAN Card without a QR code have the option to apply for a new card with a QR code in the existing PAN 1.0 ecosystem as well as in PAN 2.0.
India Today
9 hours ago
- India Today
PAN 2.0 to go live in 18 months: What it means and how it affects you
The Income Tax Department has chosen LTIMindtree to lead a major digital upgrade of India's PAN and TAN systems. The project, known as PAN 2.0, aims to make the process of issuing, updating, and managing PAN and TAN easier, faster, and more secure for Rs 1,435 crore project will focus on simplifying taxpayer registration services and improving the overall experience through a new, unified online a part of the Larsen & Toubro group, won the bid with an adjusted bid value of around Rs 792 crore, according to government IS PAN 2.0? The PAN 2.0 Project is a major step towards modernising how taxpayers register and manage their PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number) through digital a budget of Rs 1,435 crore, it aims to bring all related services onto one platform, making them faster, easier to use, and more efficient for the Income Tax Department has more than 78 crore PANs and over 73 lakh TANs in its WILL CHANGE?The PAN 2.0 Project brings a tech-led change to taxpayer registration services, offering several user-friendly features. It will provide a single portal for all PAN and TAN services, making access entire process will be paperless and eco-friendly. PANs will be issued free of cost with much faster turnaround security, including a PAN Data Vault, will help protect personal information. A dedicated call centre and helpdesk will also be available to assist users with their WILL IT GO LIVE?The upgraded system is expected to be ready in the next 18 months, a person familiar with the project Cabinet Committee on Economic Affairs cleared the project in November the government hopes that by integrating and streamlining PAN and TAN services, it can offer quicker, more reliable services to taxpayers while reducing operational costs. The platform will also help in improving transparency and make it easier to track financial activities for tax compliance.- EndsTrending Reel
Mint
12 hours ago
- Mint
PAN 2.0 tax platform: Digital diligence please
Next Story Mint Editorial Board LMIMindtree won the contract for this taxpayer identity system's digital upgrade. Let's hope lessons were learnt from the rushed GST rollout. PAN 2.0 should be pre-tested well. Various portals for PAN-related services are to be unified, with an emphasis on making them user-friendly and easing digital processes. Gift this article Software company LTIMindtree has reportedly won the Income Tax Department's contract for its PAN 2.0 project, which aims to upgrade India's Permanent Account Number (PAN) system for taxpayer identification. Software company LTIMindtree has reportedly won the Income Tax Department's contract for its PAN 2.0 project, which aims to upgrade India's Permanent Account Number (PAN) system for taxpayer identification. From the design and development of PAN 2.0 as a platform to its operation and upkeep, the Mumbai-based firm will serve tax authorities as a 'managed service provider." Also read: Profiteering worries cast cloud over GST cuts Various portals for PAN-related services are to be unified, with an emphasis on making them user-friendly and easing digital processes, but without asking PAN card holders to get fresh ones issued. While taxpayers can look forward to this platform's rollout, scheduled within 18 months, it's vital to minimize any scope for user dissonance that may arise from a rushed job. Speedy reforms are welcome, but not at the cost of digital diligence. At one time, the hope was that Aadhaar would subsume PAN. Topics You May Be Interested In Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
