The PAN card, also known as Permanent Account Number, is a ten-digit alphanumeric number that uniquely identifies an individual in India. The Income Tax Department issued the PAN card, which has been used to identify people who are liable to pay income tax in India. Hence, it is deemed one of the essential documents for completing tax-related obligations.
The growing importance of the PAN card makes it mandatory for Indian residents to understand its utility, the application process, and the method of PAN card correction.
Though individuals are primarily aware of the process of applying for a PAN card, many need to learn the process to correct PAN card details or the process of PAN card surrender. If you want to know how to change and surrender your PAN card details, this article has covered you. Read on to see the process in detail.
The PAN card is a personal identification number that the Income Tax Department issues. The purpose of this card is to enable you to file your income tax returns, pay your taxes, and get other government services.
To change or surrender your PAN card, you will have to complete all of the required steps as outlined below-
To change or surrender your PAN card, you can follow these steps-
Once the process is complete, you will receive a confirmation receipt. You can check the status of your application by logging in to your account on the Income Tax Department website.
Note: If you want to surrender your PAN card, you must select 'Surrender PAN Card' as the 'Application Type' on the website. You will also need to provide a reason for surrendering your PAN card.
You may also want to Know the Benefits and Importance of Having a PAN Card
Follow these steps to surrender/change card details or to surrender a duplicate PAN card–
Step 1 – Fill up the ‘Request for a New PAN Card Or/and PAN card correction form.’ You can download a specific PAN card form from the official website.
Step 2 – Submit the PAN card form to your nearest collection centre of NSDL. Ensure you are attaching copies of all the essential documents as required.
Step 3 – On submission, you will be given an acknowledgement slip. The slip must be sent to the NSDL office within 15 days of filing the PAN card correction request.
Step 4 – Address a letter to the Assessing Officer, giving details about the duplicate PAN card. Also, put forward a request to cancel the same.
The Assessing Officer may ask you to present an affidavit stating that you do not possess any other PAN card besides your current one. Mention details about your duplicate pan card NSDL would want to know and put forward your request for cancellation of your PAN card. Post the letter to a tax office near you and save the acknowledgement number for future use.
Altering card details or surrendering them online is quick and hassle-free, although it can be completed offline. The latter method, however, will require you to visit the NSDL centre and follow up with the requirements physically.
Surrendering a PAN (Permanent Account Number) card is essential because it ensures that it is no longer in use or associated with any financial transactions.
This is important for a few reasons:
If a person's PAN card is lost or stolen, they could potentially be at risk of fraudulent activity, as the card could be used to open bank accounts or make financial transactions in the individual's name.
Surrendering the card ensures that the card is no longer in circulation and cannot be used for fraudulent purposes.
To update records: If an individual has changed their name, address, or other personal information, surrendering their old PAN card and obtaining a new one helps to update records and ensure that all financial transactions are accurately recorded and associated with the correct individual.
Sometimes, an individual may have multiple PAN cards issued in their name due to error or fraud. Surrendering any extra cards helps to avoid legal issues or disputes that may arise from having multiple cards associated with one individual.
Overall, surrendering a PAN card is essential for maintaining accurate records, avoiding fraudulent activity, and avoiding potential legal issues.
Changing and surrendering PAN card details will help you keep your account safe from fraud. Every year, millions of Indians lose their PAN cards due to the use of duplicate or fake cards. This leads to a lot of financial loss for them and the government.
Indian Citizens may opt to surrender the duplicate PAN card, PAN card of a deceased, a company, or a partnership firm in case of dissolution, either online or offline. They can further avail details about the PAN Card application process for surrender from a reliable forum of PAN card updates online in India.
The abovementioned steps guide how one can change their PAN card details or surrender a duplicate PAN if incorrectly issued. These hassle-free steps will ensure that you complete it quickly.
Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory.