PAN card or PAN Number is a unique number assigned to everyone to pay tax to the government as per Indian Income Tax rules. It is a 10-digit number, which every individual need to mention at the time making any kind of financial transactions. PAN Card is a huge help to the Government to track all the financial transactions that are being carried out by an individual.
It is a duty of every responsible Indian citizen, to make sure that they hold only one PAN Card at any given point of time. The holding of more than one PAN Card will make an individual face various hassles. According to Section 139 A of the Income Tax Act, an individual taxpayer at any point of time can hold one PAN card. In case, the person is found with more than one PAN Card, a penalty of Rs 10,000 is to be levied by the Income Tax department.
An individual can apply for PAN card cancellation at any point in the stage. There are two ways to apply for PAN Card cancellation; via Offline and Online.
|ONLINE PAN CARD CANCELLATION PROCESS||OFFLINE PAN CARD CANCELLATION PROCESS|
Step 1: Log in to the registered website of Indian Income Tax Department:http://incometax.sparshindia.com/pan/newPAN.asp
Step 2: Read the provided instruction on the screen to complete the form.
Step 3: After reading the instructions, the application needs to fill relevant details. Make sure that all the details filled should be relevant and true.
STEP 1: The assessee needs to fill form 49A which is available at any NSDL TIN facilitation center.
STEP 2: The form is filled out to make corrections in one’s PAN Card.
STEP 3: The assessee after filling the form duly, is required to submit the same at any NSDL Tin facilitation center and request for correction in his PAN card details.
Step 1: Log in to the registered website of the IT Department and click on the ‘PAN Change Request’ application form.
Step 2: After logging in, fill in the form diligently with correct information. Here the applicant needs to fill the details of PAN which is being used currently on the top of the PAN Card application form.
STEP 3: After that, details of the extra PAN card should be mention in item no.11 of the form.
Step 4: The assessee should be sure that he or she also needs to submit the PAN Card which they want to be canceled in support of the PAN Change Request application form.
PAN applicants can apply for any alterations or corrections in PAN Card by writing to immediate Assessing officer who in-charge of that area.
The letter should mention the valid details of the applicant. Make sure that all details provided should be true to nature.
Details to be included are:
Name of Assessee: The applicant needs to mention the correct name in the letter. Please be sure that the name mentioned should be the same as it appears on the other legal documents of the applicant.
Address :The applicant should always mention the correct address in the letter. The address should be a valid residential address.
Information about the Cancelled PAN Card: The applicant needs to mention the clear details of the extra PAN Card possessed by him/her.
Information about the PAN card that wants to retain: The Applicant needs to give clear details of the PAN card that he or she wishes to hold with him or her.
Another thing that PAN assessee needs to make sure that he or she collects an acknowledgment copy of the letter that is being submitted by him or her to the officer in charge.
The acknowledgment letter given by the Income Tax Department of India is considered as a proof that extra PAN card possessed by the applicant has been canceled by the IT department.
If the applicant already collected the acknowledgment letter, then there is no need to contact the IT Department again in order to make sure that the extra PAN Card possessed by him has been canceled.
If an applicant holds multiple PAN numbers issued by the Income Tax Department
The Income Tax Department also owing to some human errors sometimes that leads to the allocation of different PAN Numbers to the same individual by an IT Department. At that time, PAN Card assessee ends up applying for a PAN Number multiple times
When the error occurs on the details printed on the PAN Card: Many times, when a PAN Card issued by an individual contains some erroneous details. In that case, the individual needs to go through with the PAN Card cancelation procedure and then apply for a new PAN Card.