How to surrender PAN card of individual, Partnership firm and company

Permanent account number or PAN is a 10 digit unique number issued by tax department to the applicant. As per tax laws, a person can hold only one Permanent Account Number.

However, there are chances that you are issued two or more PAN card. This happens when your first application for a permanent account number got delayed, you re-apply for it and end up getting two permanent account number.

If you lost your PAN card, then you should apply for a duplicate card, instead of applying for a new one.

If you have received two PAN card with different number, then surrender one number to tax department. If you don’t surrender, then a penalty of Rs. 10,000 is liable to be imposed under section 272B of income tax act, 1961 for having more than one Permanent Account Number. To avoid penalty, you should immediately surrender it.

How to surrender PAN

If you have decided to surrender your additional PAN, then first and foremost thing you should do is to know where the additional number is used. Where ever it’s used, you need to inform them the real Permanent Account Number you will be carrying in future.

To surrender, you can fill up the “Request For New PAN Card Or/ And Changes Or Correction in PAN Data” form and submit it to any TIN FC for processing.

You can also submit the form online from NSDL site. In this case, you are required to apply with the same form online.

You can also submit a request letter to your Assessing officer at income tax office stating the details of additional permanent account number that you want to surrender.

While filing the form, you need to specifically mention the permanent account number that will be used by you and all those numbers allotted by mistakenly and needs cancellation.

In the event of dissolution, a Partnership firm or company is required to surrender their PAN card to tax department.

These Partnership firm and companies are required to follow the same process that is discussed above. On the death of the assessee, his/her relatives can write a request letter to the assessing officer along with permanent account number details and death certificate

is a fellow member of the Institute of Chartered Accountants of India. He lives in Bhubaneswar, India. He writes about personal finance, income tax, goods and services tax (GST), company law and other topics on finance. Follow him on facebook or instagram or twitter.