New tool will also allow taxmen to remotely identify duplicate or fake PANs
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New Delhi: To track blackmoney trail, income-tax (I-T) department is going to soon unveil PAN activity monitoring and analysis software tool to check nation-wide transaction history of an individual.
It is currently being put to final tests before it is formally launc-hed. The new tool will also allow the taxman to remotely identify duplicate or fake PANs in its system which has been troubling the tax investigators for a long time and was used by criminals to perpetrate black money operations within and outside the country. The digital and smart platform is called the Income-Tax Business Application-Permanent Account Number (ITBA-PAN).
You are under watch
Imagine you purchase a house or high-value jewellery or make large amount of cash deposits, the probability of you remembering your transactions datewise might be quite low. Very soon income-tax officials can, however, get your entire history of your spending across the country at a click of mouse.
The tracking will be done by PAN activity monitoring and analysis software tool called the Income-Tax Business Application-Permanent Account Number (ITBA-PAN). It is currently being put to final tests before it is formally launched.
This is a part of the Narendra Modi government’s ambitious plan to curb the generation of black money in the country. This will enhance I-T department's capabilities to better track big-ticket transactions in the country. It has reportedly closed down its legacy and the existing “Assessee Informa-tion System” (AIS) early this month which till now used to hold the PAN database.
The operationalisation of the project assumes significance as finance minister Arun Jaitley had recently said that the government is at an “advanced stage in considering the requirement of furnishing PAN card details if cash transactions beyond a certain limit are undertaken.”
It will allow the tax officials to view, in a chronological order, the entire “PAN life cycle summary” or to simply say transactions history of an individual or entity where a PAN number has been quoted.
The new tool will also allow the taxman to remotely identify duplicate or fake PANs in its system which has been troubling the tax officials for a long time and was used by criminals to perpetrate black money operations within and outside the country.
This will also enable the tax department 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.
Apart from this, the new platform will allow for a smooth computer-based transfer of an individual’s PAN number in case they are transferred or re-located from one place to the other in the country.
( Source : deccan chronicle )
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