PAN to Become Potent Tool against Tax Evasion: IT Dept

For the next financial year, PAN (Permanent Account Number) cards are likely to be emerged as the most potent tool for the Income Tax Dept. to eradicate tax evasions, unearth black money and occurrence of criminal financing in the country. A recent directive issued by the Central Board of Direct Taxes (CBDT) asked Income Tax department to launch a special drive against those who enter into high transactions without furnishing their PAN.

The drive will start from February 20 and will continue till March 20, before the fiscal deficit closes. The high-level committee that was appointed by CBDT last year, had recommended the IT dept. to find those taxpayers who have gone missing without paying taxes, pegged at Rs.1,01,836 crore at present. The measure has to be taken by examining the pending cases on I-T demands under the categories “no assets/ inadequate assets for recovery” and “assesses not traceable”.

The PAN card data which is to be obtained by IT dept. during the two month drive will reinforce the 360-degree profiling computer-based data-bank of the department. The IT official said that, whenever a transaction is done using PAN identity, a flow chart of all credit and debit cards including all other transactions will be displayed for the investigating officer.