1. Build your Credit Score
2. Reduce your Current Borrowing / EMI Costs
PAN is considered as one of the primary identification proof for taxpayers in India. All the transactions that are made by the owners of PAN card can be traced efficiently by using their Permanent Account Number. The PAN is basically a 10-digit alphanumeric code that is used for a plethora of financial transactions and taxable salary. It is also used on opening of a new bank account, sale, purchase, liquidation or acquiring of assets.
PAN serves as a primary facilitator to catch the tax evaders, by linking the PAN holder's financial transactions to the PAN card.
PAN is unique and it is valid for an entire lifetime. Even if someone is changing their address, it doesn't affect the individual's PAN details.
But, despite the proper implementation of the PAN system in our country, there have been multiple instances of tax evasion, owning of multiple PAN cards, duplication of PAN cards. To avoid problems like these, the Government of India introduced ITBA-PAN, a system that can be used to verify the PAN details of the owner.
High level of black money circulation is a hurdle to any growing economy. In order to curb the problem, the income tax department developed ITBA-PAN (Income tax business application-Permanent Account Number), which is a software used to analyze the transactions throughout the country to minimize black money trail. The ITBA-PAN software helps the Income Tax Department to keep a track of all the financial transactions of the PAN-owners throughout the country. It also helps the ITD and its subsidiaries like UTIITSL and NSDL to provide a new PAN to an individual within 48 hours.