In order to track large value transactions in the country, the government is planning to launch a PAN activity monitoring and analysis software tool. The platform will be called Income Tax Business Application-Permanent Account Number (ITBA-PAN) and is currently being put to final tests.
The software tool will help the Income Tax department to track the transaction history of a person countrywide. It will give the entire “PAN life cycle summary” with details of every transaction in which PAN is quoted in any part of the country to the taxman.
It will also capture the big events of an assessee such as – death, liquidation, dissolution, de-merger, merger, acquisition, fake PAN or amalgamation of PAN. It will also allow a PAN holder to request deletion or de-activation of PAN and it will send an electronic and digitally signed “intimation letter” to the concerned assessee.
The tool will also enable the two intermediary organizations — NSDL and UTIITSL — to allocate a fresh PAN number and subsequently issue a new card in 48 hours flat as compared to the about 15 days’ time taken currently.
It is expected that the project will be activated by the end of this month by the finance ministry.