The Income Tax department has got a new technology device to check the threat of duplicate PAN cards. It also enables the taxman to ‘destroy’ the second one which is very beneficial.
Income Tax Business Application-Permanent Account Number is an electronic smart program that has been used by the department which will serve the taxman and PAN assigning mediators to recognize such duplicate numbers every time a new application for generation of the fresh IT department-issued unique identity gives their portals.
Earlier also the checking was used to be done but manually which was not dependable. The department was trying for several years to develop a tool like this so that nobody can deceive the department by having more Permanent Account Numbers cards in order not to give his tax.
As per the latest data, while there are over 24.37 crore PANs registered in the country, there are no exact figures on the number of duplicate ones.
The Permanent Account Numbers is a ten-digit alphanumeric character by the IT department attached in the form of a covered card to any person, firm, or entity. A clean and error-free PAN database is the demand of the hour for the administration which is trying to earn more taxpayers in the tax net and also control the generation of black money.
The government had late last year made quoting PAN compulsory for several transactions, including the redemption of jewelry above Rs. 2 lakh, since the starting of this year.
While a senior official said the “new electronic system is very right”, he added that in the case of old PAN cards, the hand-operated system has to go on.
The effort to universalize the use of Permanent Account Number in financial transactions, the CBDT had said, is “considered to be useful in extending the tax net by non-intrusive ways.
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