How to surrender your PAN?

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Business Mantra : Faridabad

Have you ever been allotted more than one PAN? If yes, then surrender other PAN(s) immediately otherwise the penalty of RS. 10,000/- will be levied. It is illegal to possess more than one PAN.

Multiple PAN cards may have been allotted to any person due to many reasons like:

  • Any person may have applied many times for PAN card, or
  • It may inadvertently allotted by the Income Tax Department, NSDL or UTIITSL.

Following are the Situations in which PAN is required to be surrender:-

  1. Where any person has been allotted more than one PAN.
  2. Where a company gets closed or a firm gets dissolved or any other institution gets cancelled its registration under any act.
  3. Where any person does not require filing Income tax Return any more i.e. his future income would not be more than the taxable limit.

However, there are some specified transactions where PAN no. is compulsorily required to be mentioned then in such cases, such person can file declaration in form 60/form 61. Self attested copies of KYC documents are also required to be submitted along with form 60/form61.

Methods of surrendering PAN:-

There are two methods to surrender/cancel additional PAN(s), you can choose any one of them:-

  1. Through Income Tax Department:-

First option is to visit the Income Tax Department’s website (http://incometax.sparshindia.com) and submit the required details online.

            However, if you are using more than one PAN and want to surrender or cancel your PAN then you can visit Income Tax Assessing Officer along with a request letter to surrender your PAN.

  1. Through filing PAN correction form:-

Under second option, you can fill the “PAN correction form” and also mention all other PAN(s) which you are using presently in item no. 11. Along with the form also submit corresponding copy of PAN card(s) to cancel the PAN.

C.A. Chanchal : Author is a Practicing Charted Accountant you may be reached at Info@businessmantranews.com

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