Permanent Account Number (PAN) Card is a photo Identity Card that conveys 10 digits alphanumeric Unique Number for each card holder. It is issued by Ministry of Finance (Government of India) and it can be utilized as Photo Identity for opening Bank Account. PAN card has been made mandatory since 2005, to have a PAN card number for all those who file their income tax returns.
You can cancel your PAN card with help of two processes which is mentioned below:
Process of PAN Card Cancellation Online
The first process is to cancel your PAN card through online, In this process, you should have a good internet speed because this process fully depends on the internet.
An individual may log on to the official website of the income tax department who wants to cancel PAN card. http://incometax.sparshindia.com/pan/newPAN.asp. Now you will see the online form, Before you fill online form you should read instructions properly than fill the mandatory details.
On the other hand, If an individual wants to change PAN card details then on the website also have the ‘PAN Change Request’ application form, fill these form properly, Which PAN card number you currently used it is defined to on the head of the form. The new PAN allotted should be listed in item no.11 meanwhile cancelled PAN card number should be submitted along with the application form.
Process of PAN Card Cancellation Offline
An individual who want to any correction in PAN card then it should fill the form 49A.After filling this form should be submitted at any facilitation center of NSDL TIN.
An individual can also write a letter to the tax assessment officer of the concerned field and attached all the document details which are mentioned below:
1. Address of the individual
2. Name of the individual
3. Details of extra PAN card which has to be abandoned
4. Particular details of the PAN card which has to be held.
The thing individual should know after all these processes i.e. you must take a confirmation copy of the letter.This confirmation letter is a proof that the income tax department is cancelled your extra PAN card detail.
Reasons For Cancellation Or Surrender Of a PAN Card:
If an Individual have more than one PAN Card so they have to an abandonment of their extra PAN card because of Individual holding more than one PAN card it will take to a penalty of Rs.10000.
PAN card is cancelled by an individual for the following reasons:-
By the Income tax department casually issued multiple PAN cards
Multiple PAN cards may be assigned to one individual for the following reasons.There is a many instance:-
1. If An individual can apply many times for a PAN card.Hence, against his name, there is multiple PANs are issued by the income tax department.
2. In some instance, if by mistake issued multiple PAN cards from the income tax department or the NSDL to one individual.
PAN card which is presently in use it has to be canceled due to some errors in it.