5 Things the New Income Tax Tool Will Do to Check PAN Transactions History & Track Black Money
The Indian government is set to launch a new income tax tool that will track all PAN card activities of an individual. In this way, the software will help the tax department track black money too. Here are five extremely useful things the tool can do.
The Indian government is set to launch a new income tax tool that will track all PAN card activities of an individual. In this way, the software will help the tax department track black money too. Here are five extremely useful things the tool can do.
Hiding black money will now be difficult as the Indian government is all set to launch new PAN activity monitoring and analysis software. This tool will enable the Income Tax (IT) Department to check the transaction history of any individual and help track a black money chain if it exists.
The tool is called the Income-Tax Business Application-Permanent Account Number (ITBA-PAN). It is undergoing final testing before it is formally launched.
PAN is a ten-digit alphanumeric number issued by the IT Department. It functions as a national identification number of the taxpayer, which has to be quoted on the return of income and in all correspondences with the Department.
It is mandatory to quote one’s PAN in various financial transactions. Since it is linked to an individual’s bank account, the IT Department can track all the transactions in all the bank accounts of a person.
It is also compulsory to quote PAN card details for cash transactions beyond a certain limit. The new tool will track large value transactions by an individual.
Here are some interesting things this tool will do:
Photo: www.pancarddetails.in
1. The tool will enable the taxman to view, in chronological order, the entire ‘PAN life cycle summary’ of an individual. This means, the taxman can know an individual’s entire transaction history where a PAN number has been quoted, in any part of the country.
2. ITBA-PAN will also enable officials to remotely detect fake or duplicate PAN cards which have been used by criminals to do black money operations within and outside the country.
3.The software will enable the PAN holder to request for deletion or de-activation of his or her PAN and will also allow the individual to activate a wrongly deleted or de-activated PAN number.
Photo: trak.in
4. In case an individual is relocated or transferred from one place to the other, the software will simplify the computer-based transfer of an individual’s PAN number.
5. The tool will also allow the taxman to view and capture various events of an assessee like “death, liquidation, dissolution, de-merger, merger, acquisition, fake PAN, or amalgamation of PAN,” which can be used for investigation purposes in case of black money or tax evasion.
The ambitious project is expected to be activated by the end of October. It will also enable the tax department and its two intermediary organisations, NSDL and UTIITSL, to allocate fresh PAN numbers and issue new cards in 48 hours flat, as compared to the current timeline of about 15 days.
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