The ITBAN-PAN or Income Tax Business Application – Permanent Account Number allows the Income Tax department to track any transactions made using a PAN number. This way, the government can easily calculate taxes due with minimum delays.
Amalgamations, acquisitions, mergers, and liquidation can easily be tracked through their PAN numbers. Dissolutions are also tracked and information stored by the new software.
All existing database and PAN information have been migrated to the new software.