Govt to unevil new IT tools to check PAN transactions

• Government is set to unveil an ambitious PAN activity monitoring and analysis software tool that will enable Income Tax department to check transactions history of a person country-wide and help sleuths in effective tracking of black money trail.
• The digital and smart platform is called the Income Tax Business Application-Permanent Account Number (ITBA-PAN) and is currently being put to final tests by a special team of tax sleuths and business software analysts at a facility in the national capital.
• The new software tool will enable the taxman 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, in any part of the country.
• It will also allow the taxman to view and capture various events of an assessee like “death, liquidation, dissolution, de-merger, merger, acquisition, fake PAN or amalgamation of PAN” in a specific or general case in an event of any investigation to be carried out in a case of black money or tax evasion.
• 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.

Source: Economic Times