ITBA-PAN stands for Income Tax Business Application-Permanent Account Number and is a software to analyse and monitor transactions throughout the country and to curb black money trail. This software will allow taxmen to check, in a chronological order, the entire financial summary or transactions of an individual or company, wherever the PAN number has been used, throughout the country. This tool will also enable the Income Tax Department and its organizations such as UTIITSL and NSDL to provide new PAN number within 48 hours instead of a fortnight as is being taken currently. In addition to this, the government is also making PAN number mandatory for transactions that exceed a certain amount.
In order to track transactions across the country in a better manner, they have also closed down the AIS or the Assesses Information System which was being used to hold the entire database of PAN numbers. The Income Tax Department has also migrated PAN numbers and database from the old database to the new one.
Benefits of ITBA-PAN
There are numerous benefits of ITBA-PAN, as mentioned below.
- Through this database, the Income Tax Department can view and access various information and events such as liquidation, death, de-merger, acquisition, death, merger, amalgamation of PAN among others in case any investigation is being carried out against that particular individual.
- Fake or duplicate PAN numbers can be identified through which tax evasion and black money operations can be nipped at the bud itself.
- In case a PAN number holder wishes to deactivate or delete his/her PAN number, the ITBA-PAN software can facilitate this and an electronic intimation letter that has been digitally signed will be sent.
- Individuals can also activate a PAN number that has been wrongly deactivated or deleted through this software.
- In case individuals have been relocated or transferred from one location to another, this software will also them to transfer or change their PAN number easily.
