UTIITSL is known as UTI Infrastructure Technology and Services Ltd. and it was organised in 1993. Previously known as UTITSL, UTI Technology Services Limited, the firm is one of the largest financial service providers in India. The company is recognised by the GOI (Government of India) and allows various technological and outsourcing assistance to various government and business or financial departments of India. It allows an array of services which involve issuance and printing of PAN cards, mutual funds, e-governance, insurance services, and technology.
IT Returns Filing
All people and entities who are qualified for Income tax are required to register their IT returns. A PAN card is necessary for registering IT returns and is the primary reason individuals, as well as additional entities, apply for one.
A PAN card serves as a legitimate proof of identity. Other than the Aadhaar card and Voter Id, the PAN card is also viewed by all financial or business institutions and other companies as an identity proof.
One of the basic reasons to get a PAN card is for taxation. If the entity or individual has not connected the PAN number with his bank account, and the annual interest profits on savings deposits are greater than Rs. 10,000, then TDS would need to be calculated at 30% instead of 10%.
Claiming Income Tax Refund
The TDS deducted from a taxpayer’s income is more than the original tax that he is assumed to pay. To reclaim the additional tax paid, a taxpayer has to hold a PAN associated with his bank account.
Starting a Business
To begin a business, a business or any other entity is required to possess a PAN enrolled in the name of its entity. The Tax Registration Number (TRN) is needed for a firm which is permitted only if the person has a PAN.
Opening a Bank Account
All private, public, and co-operative banks have made it compulsory for a person or a business to have a bank account in its name to start a savings or current account. Only under the Pradhan Mantri Jan Dhan Yojana can a person start a zero balance account by accepting voter card or additional identity proof.
Opening a Demat Account
A PAN card is also required for a person or entity to open a Demat Account, which is required to manage shares in a dematerialised form.
Purchase and Sale of Immovable Assets
One of the advantages of a pan card is the ability of a person or entity to enter into transactions of sale or purchase of assets. PAN is expected to be valued in the deed given during sale or purchase of any solid property priced at 10 lakh rupees or more.
Cash payments linked to foreign travel – of an amount more than Rs. 50,000, including forex purchase – requires a PAN card.
Deposits with the post office, non-banking financial companies or co-operative banks will also require a PAN, as will deposits totalling up to Rs. 5 lakh or more each year.
Hotel and Restaurant Bills
Payments more than Rs. 50,000 for restaurant and hotel bills need a PAN to be given.
Cash Cards and Prepaid Instruments
Cash payment amounting to more than Rs. 50,000 per year will require a PAN to be provided.
Purchase or Sale of Goods and Services
Sale or purchase of any service or good for an amount of more than Rs. 2 lakhs per transaction will need a PAN to be furnished.
Bank Drafts, Pay Orders and Banker’s Cheque
A PAN card is required for bank drafts, pay orders, and banker’s cheques for more than Rs 50,000/- in a day.
UTIITSL provides critical support to its customers to achieve a one-stop solution on its website. Some of the services provided by UTIITSL are listed below:
PAN Card Services
The Income Tax Department of India has, under the guidance of the Central Board of Direct Taxes (CBDT), outsourced PAN associated settings to UTIITSL. The services furnished by UTIITSL for PAN comprises:
Medical Bill Processing
UTIITSL also gives services linked to medical bills and claims which are made by the government of India. UTIITSL includes the medical bills and claims for the following bodies employed:
UTIITSL also maintains services for implementing mutual funds to its consumers. Stated below are the services granted under mutual funds by UTIITSL:
UTIITSL has caught up entire assignments in the division of infrastructure and services. Some of the services offered by UTIITSL are:
A mutual fund is a security that combines money from various investors and invests in various contracts. It is defined by professional administration and diversification. The different services allowed include:
With an improved dependency on technology and movement to technological programs, UTIITSL requires the implementation of reliable and safe IT structures. Some of the features of the IT competencies are:
IT Consultancy and Project Management
Being a government organisation, UTIITSL controls a significant part of government projects. Further, government schemes are extremely sensitive because of the information used for their projects. Accordingly, UTIITSL presents a broad range of services which involve consultancy services, trained IT services, implementation and software development etc. For a project to be strong the IT leads need to be in synergy with a company's important objectives. UTIITSL’s data advising services assist clients to evaluate different technology plans so that companies can regulate their technology lead with their marketing strategy.
UTIITSL has outstanding coverage or outlook of open-source Java J2EE, Dot Net, oracle developer 2000, oracle designer 2000, and visual studio 6.0.
IT Infrastructure Services
These services involve data centre, network services, facility management, disaster recovery centre, and database management services.
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