What is ITBA PAN?
PAN or Permanent Account Number is an alphanumeric identifier issued by the Income Tax Department of India. It serves as a crucial identification proof for various financial purposes such as opening bank accounts, receiving taxable salaries, and buying or selling assets within a defined limit. However, to prevent fraud cases involving PAN card duplication and tax evasion, the Government of India has introduced an additional security measure called ITBA PAN.
Why Do We Need ITBA PAN?
The implementation of ITBA PAN allows the Income Tax Department of India to analyze and remove duplicate PAN entries. This technology enables the department and intermediaries to identify duplicate PAN numbers immediately and provide new PAN numbers within two days. ITBA PAN also helps track financial summaries and the usage of PAN numbers for individuals and companies. It is especially useful in combating tax evasion and black money operations.
What are the Benefits of ITBA PAN?
- Access to major information and events related to PAN numbers.
- Identification of fake or duplicate PAN numbers to prevent tax evasion and black money operations.
- Convenient activation or deactivation of PAN numbers.
- Ability to transfer PAN numbers or acquire new ones quickly.
- Facilitates PAN number changes for individuals who have moved locations.
Frequently Asked Questions (FAQ’s)
What is the full form of ITBA-PAN?
ITBA-PAN stands for Income Tax Business Application-Permanent Account Number.
How much time does it take to get a new PAN number issued with the ITBA-PAN software?
It takes 48 hours to get a new PAN number issued with the ITBA-PAN software.
What are the pros of ITBA-PAN?
The ITBA-PAN software allows you to conveniently activate or deactivate your PAN and number, transfer it or even acquire a new number in a short period.
Conclusion
ITBA PAN is an essential technology introduced by the Income Tax Department of India to enhance the security and efficiency of PAN card usage. With ITBA PAN, the department can prevent duplicate PAN entries and track financial transactions. The benefits of ITBA PAN include easy activation and deactivation of PAN numbers, identification of fake PAN cards, and the ability to change or acquire new PAN numbers quickly. Overall, ITBA PAN plays a crucial role in combating tax evasion and ensuring the integrity of financial transactions.
If you have any more questions about ITBA PAN, feel free to reach out to us.
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