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.