Muthoot Securities, promoted by
Muthoot M George Group has entered in to a tie up with UTI Infrastructure
Technology and Service Ltd (UTIITSL), owned by Government of India to act as
Income Tax PAN Service Centre. The company will accept PAN Card application
through all Muthoot Finance branches through its representatives. Muthoot
Securities have been offering
it successfully in the South in 4 States and have issued 2,50,000 numbers so far. It is now planned to extend this service to North East &
West states.
Permanent Account Number (PAN) card
is issued by the Indian Income Tax Department under the supervision of the
Central Board for Direct Taxes (CBDT).
Permanent account number allotted
by the Income Tax Department is almost equivalent to a National Identification
Number. The card also serves as an important ID proof. PAN is unique, national
and permanent and does not change in lifetime. It is unaffected by a change of
address even between two states. PAN Card will be useful and mandatory for many
financial transactions.
“There is an unfounded fear in the
minds of many people that once they apply for PAN card, they will be subjected
to the scrutiny of Income Tax Department.
This has to be dispelled and non PAN Card holders have to be encouraged
to apply for PAN Cards. We will ensure that the benefit of this arrangement
reaches maximum number of beneficiaries for applying new PAN cards “ said
George Alexander Muthoot, Managing Director, Muthoot Finance.
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