Latest news with #PermanentAccountNumbers
Mint
04-08-2025
- Business
- Mint
LTIMindtree wins I-T department's PAN 2.0 project
The income tax department has selected mid-sized information technology firm LTIMindtree Ltd for its project to upgrade technology infrastructure for managing Permanent Account Numbers (PANs), showed the government's public procurement portal. The Larsen & Toubro arm's quoted bid value was ₹ 811.5 crore exclusive of taxes, and the adjusted bid value was ₹ 792.55 crore exclusive of taxes. The adjusted bid value, determined based on the factors set out in the request for proposal (RFP), helps compare bids and determine the auction winner. 'In pursuance of the RFP published for the project, four bids were received. Based on the bid evaluation, M/s LTIMindtree Ltd is declared as the successful bidder,' said the notification on the portal. PAN, a ten-digit alphanumeric number, is needed for filing tax returns, opening bank accounts, making high-value cash deposits, and buying stocks, property, and four-wheelers. The effort is to streamline and modernize the process of issuing and managing PAN and TAN—another alphanumeric number needed for the purpose of tax deduction or collection at source. Tax Deduction and Collection Account Number or TAN must be obtained by all persons responsible for deducting tax at source or who are required to collect tax at source. The income tax department's database has over 780 million PANs and 7,328,000 TANs. The PAN 2.0 project, which seeks to improve the quality and speed of public service and grievance redressal mechanisms by leveraging the latest technologies, is expected to go live in 18 months, a person close to the development said. The project was cleared by the cabinet committee on economic affairs in November 2024. PAN enables linking of all transactions of a tax assessee with the department. These transactions include tax payments, tax credits, income returns, and certain specified transactions. It facilitates easy retrieval of information of assessees and matching of various investments, borrowings, and other business activities of the assessee. 'This project will comprehensively handle all matters related to PAN and TAN, including allotment, updates/corrections, Aadhaar-PAN linking, re-issuance requests, online PAN validation, etc., as a one-stop platform,' the person said. An LTIMindtree spokesperson confirmed the development, saying: 'We have been awarded this prestigious PAN2.0 project, which looks to enhance the PAN issuance process and security through technology-driven innovation." The government said in 2024 that this project would help optimize costs, ensure security, and facilitate operations. The e-governance project seeks to enhance taxpayers' digital experience by upgrading the current PAN-TAN ecosystem. The government plans to use PAN as a common identifier for multiple government agencies. Finance minister Nirmala Sitharaman said in her February 2023 budget speech that for the business establishments with a PAN number, it would be used as the common identifier for all digital systems of specified government agencies. 'This will bring ease of doing business, and it will be facilitated through a legal mandate."
The Hindu
04-08-2025
- Business
- The Hindu
LTIMindtree awarded tender for PAN 2.0, government's one-stop platform for all PAN issues: Sources
The government's PAN 2.0 project, which aims to bring onto one platform all the services relating to Permanent Account Numbers (PAN) and Tax Deduction and Collection Account Numbers (TAN), is expected to be made operational in 18 months, according to sources in the Central Board of Direct Taxes. The bid for the implementation of the project was won by LTI Mindtree at an adjusted bid value of ₹792.5 crore, it has been learnt. Also Read | PAN 2.0 Project: All you need to know 'The PAN 2.0 Project of the Income Tax Department which was approved by the Cabinet Committee on Economic Affairs (CCEA) has been awarded to the successful bidder LTIMindtree Limited,' according to the source who did not wish to be identified. 'The project is expected to go live in 18 months.' According to officials, the PAN 2.0 will comprehensively handle all issues related to PAN and TAN, including allotment, updates and corrections, Aadhaar-PAN linking, re-issuance requests, online PAN validation, etc. Earlier, such services were spread across three platforms — the e-filing portal, the UTI Infrastructure Technology And Services Limited portal, and the Protean e-Gov Portal. 'The PAN 2.0 project is envisaged to simplify the PAN and TAN processes for improved quality of service to the public, faster service delivery and improve grievance redressal mechanisms by leveraging latest technologies,' the official explained. LTIMindtree will be tasked with designing, procuring, developing, installing, commissioning, operating, and maintaining all the infrastructure components, including hardware, software, networking, and PCs for the entire PAN 2.0 system 2. It will also have to ensure the complete migration of relevant legacy data to the new system and ensure seamless integration with other internal and external systems, among other services. Watch: What is the PAN 2.0 project? LTI Mindtree beat out three other bidders, according to the bid documents viewed by The Hindu. CSC e-Governance Services India Ltd did not meeting qualification criteria for the bid, NSDL e-Governance Infrastructure Limited did not qualify past the technical evaluation round, and Tata Consultancy Services Ltd's bid was rejected on the grounds of it submitting a non-responsive bid. That is, it did not meet some of the bid criteria. The PAN 2.0 project was approved by the Cabinet Committee on Economic Affairs (CCEA) November 25, 2024.
Time of India
04-08-2025
- Business
- Time of India
PAN 2.0 rollout update: LTIMindtree bags Income Tax Department project; all services to unify in 18 months
The Income Tax Department has awarded the PAN 2.0 modernisation contract to IT services major LTIMindtree, with the new system is expected to go live within 18 months, PTI reported citing a government official. The PAN 2.0 platform will serve as a one-stop solution for all matters related to Permanent Account Numbers (PAN) and Tax Deduction and Collection Account Numbers (TAN), including allotment, correction, Aadhaar-PAN linking, reissuance, and online validations. 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. The final bid value of the company was settled at over Rs 792 crore, according to documents as reported PTI. LTIMindtree will be the Managed Service Provider (MSP) for the design, development, implementation, operations, and maintenance of the new platform. The Cabinet Committee on Economic Affairs (CCEA) approved the Rs 1,435-crore project on November 25, 2024. The upgraded system aims to enhance service quality and improve grievance redressal mechanisms. Importantly, existing PAN card holders will not need to apply for a fresh card. Currently, PAN-related services are spread across three platforms: the e-Filing Portal, UTIITSL Portal, and Protean e-Gov Portal. PAN 2.0 will integrate all these into a single unified portal, reducing fragmentation and improving user experience. PAN is a 10-digit alpha-numeric number issued by the Income Tax department 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. India has over 81.24 crore PAN holders and more than 73 lakh TAN holders. The PAN 2.0 initiative is designed to meet the growing demands of this vast user base through a tech-led, paperless system. Under the new system, services like PAN allotment, update, and correction will be done free of cost, and e-PANs will be delivered directly to registered email IDs. Shares of LTIMindtree rose 1.46% to Rs 5,090.50 apiece on the BSE after the announcement. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
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Business Standard
24-07-2025
- Business
- Business Standard
CBDT using AI tools to boost income-tax compliance, says Chairman Agrawal
The Income Tax Department is now employing artificial intelligence (AI) to monitor taxpayer behaviour by tracking online portal visits, flagging high-value transactions, and filtering out Permanent Account Numbers (PANs) linked to suspicious claims, Central Board of Direct Taxes (CBDT) Chairman Ravi Agrawal said in an interview to The Indian Express. The objective is to gradually build a comprehensive, 360-degree view of taxpayers' financial activities and detect patterns and inconsistencies in tax return filings, Agrawal said. The initiative aims to identify behavioural trends among taxpayers, he added. AI flags cases where 'harder nudge' needed Agrawal said that AI tools are being used to raise 'red flags' in cases involving high-value transactions where tax returns are either not filed or consistently filed incorrectly. This could lead the CBDT to assess whether a 'harder nudge' is needed, he stated. The I-T Department has been actively sharing financial transaction data with taxpayers to promote voluntary compliance. Since the launch of this initiative on April 1, 2022, over 11 million updated returns have been filed, leading to an additional tax mop-up of ₹11,000 crore, he said. Nudge campaign yields ₹409.5 crore in additional taxes A recent nudge campaign led to the withdrawal of tax deduction claims amounting to ₹963 crore and an additional ₹409.50 crore paid in taxes between April 1, 2023 and June 18, 2025. This was the result of analytics, said Agrawal. Addressing concerns about the department's access to digital records, Agrawal clarified that such access is limited strictly to search and seizure cases where taxpayers are unwilling to share data. Agrawal said that the next phase of AI usage would be more intense, with reporting agencies providing more mature data for carrying out detailed analytics to identify evaders and hit the right targets. Agrawal emphasised that the department's role remains facilitative and non-intrusive, though it continues to monitor compliance closely. He added that a similar campaign using updated data sets is planned for later this year.
