Firm dissolution

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2015 Dear Sir,
There is a partnership firm having 3 partners. Two partners have been retired from the firm on 15/11/2015. And remaining one partner will carry on the the business.

Please advise me whether the PAN should be surrender right now for deactivation
or
It should be surrender after filing the income tax return of AY 2016-17?

Thanks and Regards.

CA RAKESH KUMAR THAKUR

CA RAKESH KUMAR THAKUR (Expert)
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26 November 2015 SINCE THE PARTNERSHIP BECOME PROPRIETORSHIP YOU MUST HAVE TO TAKE NEW PAN AND SURRENDER OLD PAN ...IMMEDIATELY.

Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2015 Whether the Pan card can be surendered at nearest ITO office ?

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Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2015 Whether the Pan card can be surendered at nearest ITO office ?

CA RAKESH KUMAR THAKUR

CA RAKESH KUMAR THAKUR (Expert)
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26 November 2015 you can surrender the PAN online.

Querist : Anonymous

Querist : Anonymous (Querist)

27 November 2015 What is the procedure to surrender PAN online?

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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24 July 2024 Yes, you can surrender your PAN (Permanent Account Number) card at the nearest Income Tax Office (ITO) in India. Here’s what you need to know:

1. **Reasons for Surrendering PAN Card**: You may need to surrender your PAN card for various reasons, such as:
- Having multiple PAN cards and needing to retain only one.
- Incorrect details on the existing PAN card that need correction.
- The PAN card is no longer required due to change in personal circumstances (e.g., no longer liable to pay taxes).

2. **Process to Surrender PAN Card**:
- **Visit the Nearest ITO**: Locate the nearest Income Tax Office (ITO) or PAN card office. You can find this information on the official website of the Income Tax Department or through local directories.
- **Submit Surrender Application**: Fill out the application form for surrendering PAN card. This form can usually be obtained from the ITO or downloaded from the Income Tax Department's website.
- **Provide Supporting Documents**: You may need to provide documents such as proof of identity (Aadhaar card, passport, etc.) and proof of address along with the PAN card.
- **Submit PAN Card**: Hand over your PAN card along with the completed application form and supporting documents to the concerned authority at the ITO.

3. **Acknowledgement**: After submitting your PAN card for surrender, you should receive an acknowledgement receipt. This receipt serves as proof that you have surrendered your PAN card.

4. **Processing Time**: The processing time for surrendering a PAN card can vary. Generally, it takes a few weeks for the Income Tax Department to process the request and update their records.

5. **Caution**: Ensure that you surrender the PAN card properly to avoid any misuse. It’s advisable to keep a copy of the surrender application and the acknowledgement receipt for your records.

If you have any specific queries or need assistance with the surrender process, it’s recommended to contact the local Income Tax Office or consult with a tax professional who can guide you through the steps based on current procedures and requirements.