According to report, the tool called Income Tax Business Application-Permanent Account Number (ITBA-PAN) will enable Income Tax department to check transactions history of a person across the country and help in effective tracking of black money trail.
The Finance Ministry is expected to activate the tool by the end of October. Currently, it is under the final tests.
It will also enable the tax department and its intermediary organizations -NSDL and UTIITSL – to allocate a fresh PAN number and subsequently issue a new card in 48 hours flat as compared to the about 15 days time taken currently.
The software will also allow a PAN holder to request for deletion or de-activation of his or her PAN.