1. Build your Credit Score
2. Reduce your Current Borrowing / EMI Costs
For Indian citizens, it is advisable not to surrender their PAN card since PAN is one of the most relevant documents which acts as an identity proof of an individual or any other entity. However, foreign PAN card holders who are supposed to leave the country and won't be paying any taxes to the Indian Government anymore will have no use of a PAN card so that they can surrender their PAN card. The procedure of surrendering PAN card is quite simple, an individual who wishes to surrender his/her PAN card is required to write a letter to the Income Tax Assessing Officer of his/her respective jurisdiction, stating the reason for PAN surrender.
After the authority approves the letter, your PAN card will be, and the PAN card owner can post the current PAN card to the Income Tax Department.There are times when an individual/entity is issued multiple PAN cards due to administrative mistakes; it is essential for the entity to return the duplicate PAN cards to the authorities since it is illegal for any individual to own multiple PAN cards.
Write a letter to the Assessing officer from your area of jurisdiction stating the reason for surrendering the PAN card. Mention your details in the letter like your name, PAN card details, address and other contact details. If you have multiple PAN cards, then you can mention in the letter that you have mistakenly received multiple PAN card, it's essential to provide the details of the PAN card you wish to surrender and the PAN card that you want to retain. Post the letter to the nearest tax office and keep the acknowledgment slip with you for further reference. Keeping the acknowledgment slip handy is important because it proves that the duplicate PAN car
If the PAN card holder dies, their PAN card also needs to the surrendered to the Income Tax Authority. In such a situation, the family/relatives of the PAN card holder can write a letter addressed to the Income Tax Officer of the area of jurisdiction of the PAN. Along with the letter, the relatives/family will be required to submit the death certificate of the PAN card holder. It's essential to ensure that the PAN card and personal details like name, address, date of birth and date of death are mentioned in the letter.
Online Process to Surrender Firm / Partnership / Company PAN Card
If a Firm/Company/Partnership wishes to surrender their PAN card, they can write a letter to the Income Tax Officer from their area of jurisdiction, stating the reason for surrendering PAN.
If your company is dissolving, then you can cite the reason for surrendering PAN as the same. In the letter, you are required to mention the PAN details of the PAN card that you want to surrender. Along with the PAN details, you'll be required to attach a copy of the deed which states that the company is getting dissolved.
Submit the letter along with the relevant documents to the Income Tax Officer and keep the acknowledgment slip for further reference since the acknowledgment slip is a proof that the PAN card has been canceled.