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.