PAN is an alphanumeric number including ten digits is given by the Income Tax Department of India in the form of a plastic-coated card. This card is provided under section 139A of the Income Tax Act of India. This card serves as a significant proof of identity. Although this card cannot be used as an address proof for citizenship, but is necessary for a large number of financial uses like getting a taxable salary, creating a new bank account, buying or selling of assets under a particular limit.
PAN card fulfills a primary requirement to give worldwide identification to financial transactions, ignore tax avoidance, to check financial purchases and expending particularly of those who have a soaring net worth. The PAN number is distinctive to every individual and is suitable for their whole life.
However, in spite of the existence of a PAN card there have been various occurrences of tax avoidance, duplication of PAN cards, black money cases and lot more. In order to entirely control this threat, the Government of India has come up with an extra safety measure called as ITBA-PAN.
What is ITBA PAN?
The income tax department has the newest technology tool for verifying the duplicate PAN Cards that will allow the taxable individual to exterminate the second PAN card or duplicate one. The smart electronic platform that is known as the Income Tax Business Application-Permanent Account Number (ITBA-PAN) was processed by the department would be assisting the taxman as well as the intermediaries of PAN card issuing for verifying the duplicate numbers every time a new application for the creation of the new IT department-issued sole identity will visit their websites.
ITBA-PAN is a software to assess and check transactions all through the country and to control black money trail. This software will let taxmen to verify in sequential order, the complete financial summary or transactions of a person or company, wherever the PAN number has been employed, all through the country. This tool will also allow the Income Tax Department and its companies like UTIITSL and NSDL to give new PAN number within forty eight hours in place of a fortnight as is being taken presently. Additionally, the government is also making PAN number compulsory for transactions that go beyond a definite amount.
In order to check transactions all over the country in a better way, they have also closed down the Assessee Information System that was being employed to hold the complete database of PAN numbers. The Income Tax Department has also drifted PAN numbers and database from the old on to the new one.
Benefits of ITBA-PAN:
There are different benefits of ITBA-PAN, as described below:
- In the course of this database, the Income Tax Department can see and access different information and events like liquidation, de-merger, death, acquisition, merger, incorporation of PAN among others in case any examination is being carried out against that specific individual.
- Fake or duplicate PAN numbers can be verified through which tax avoidance and black money operations can be squeezed at the bud itself.
- In case, if a PAN number holder wants to deactivate his/her PAN number, the ITBA-PAN software can make this possible and an electronic insinuation letter that has been digitally signed will be delivered.
- People can also trigger a PAN number that has been incorrectly deactivated or deleted via this software.
- In case, if individuals have been transferred from one place to another, this software will allow them to change their PAN number without difficulty.
Although the IT department has been advertising online filing of IT returns, different people still use the traditional way. One of the causes for continuing with the offline method is the intricacy in uploading information, particularly if the taxpayer is not contented employing computers.
The government is now planning to give pre-filed IT return forms, which will involuntarily upload your as well as other information by using details of either Aadhaar number or online banking. This initiative will begin with small tax payers who file IT returns using ITR-1 and do not have refund declarations. This will make sure simple tax filing. Whenever there is a modification, it can be corrected by the taxpayer.
If you are one of the many not having a PAN and have not been able to get time to acquire one, assistance is now at hand. The IT department is running PAN camps all over India, covering both metropolitan as well as rural regions. If you require applying a new PAN or get any information in your PAN accurate, all you require doing is to go to your nearby PAN camp and ask for it. Also, waiting long to get a PAN card may quickly be a thing of the history. The Government is all set to initiate the Income Tax Business Application-Permanent Account Number (ITBA-PAN) portal, by which anybody can apply for PAN online and get it within forty eight hours.