ITBA PAN

PAN or Permanent Account Number is an alphanumeric identifier that consists of ten characters and serves as a crucial identification proof. It is issued by ITD (Income Tax Department of India) in a laminated card form under Section 139A of the Income Tax Act of India. Though one cannot use a PAN card as an address or citizenship proof, it is important for several financial purposes like opening a new bank account, receiving a taxable salary, and purchasing or selling assets under a defined limit. 

PAN Card is a primary universal identification proof for financial transactions and avoids tax evasion, and tracks monetary transactions – purchasing and spending majorly those with a huge net worth. Every individual has a unique PAN Card number valid for a lifetime. However, even with the security PAN card provides, several fraud cases of PAN card duplication, tax evasion and black money have been spotted. Thus, to prevent such fraud risks, the Government of India has introduced another security measure called ITBA PAN.

What is ITBA PAN?

ITBA-PAN or Income Tax Business Application-Permanent Account Number is a new technology implemented by the Income Tax Department of India to analyse and remove duplicate PAN entries. The software is designed for the Department and the intermediaries involved in issuing PAN cards to identify duplicate numbers immediately after the portal receives a new PAN application. ITBA-PAN allows tax inspectors to examine an individual’s or a company’s entire financial summary in sequential order and know wherever the PAN number is used. This new technology will enable ITD and its organisations like NSDL and UTIITSL to provide new PAN numbers within two days. Moreover, according to the government, PAN numbers will also be mandatory for transactions exceeding a certain amount. 

The Income Tax Department has also shut down the AIS (Assessee Information System) used to maintain the complete database of PAN numbers to track transactions all around the country in the right way. They have also moved PAN numbers and their database from the old pattern to the new one. 

Why Do We Need ITBA PAN?

Since black money circulation has been found on a huge level, the income tax department uses ITBA-PAN software to better track transactions throughout the country. This tool allows citizens to conveniently activate and deactivate their PAN numbers to obtain a new number within a short period. ITBA-PAN is important for citizens, especially those with a huge net worth, for purchasing and spending. The Income Tax Department can identify duplicate PAN cards, and tax evasion can be avoided. In addition, ITBA-PAN software is also helpful for the cases where an individual moves to a different location and needs to get their PAN transferred to that location.

What are the Benefits of ITBA PAN?

Explore some of the key benefits of ITBA-PAN:

• This software allows the Income Tax Department to have access to major information and events like a merger, de-merger, liquidation, acquisition and composite of PAN, among others, if there is an investigation related to that particular individual. 
• ITBA-PAN software helps identify fake or duplicate PAN numbers and instantly stop tax evasion and black money operations. 
• The ITBA-PAN software allows a PAN number holder to delete or deactivate their PAN number. The software eases this process, and the individual receives a digitally signed electronic intimation letter. 
• With ITBA-PAN software, you can also activate the PAN number you wrongly deleted or deactivated.
• If you have shifted location, the ITBA-PAN will also make it convenient to change your PAN number.

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Frequently Asked Questions (FAQ’s)