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PAN surrender due to closure of business

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Mukesh babu

105 Points Posted on 25 October 2021

One of our client is having partnership firm and they are about to close their business. kindly let me know the process of surrender of PAN. Also kindly let us know if there is any condition to be fulfilled before surrender of PAN(like filing of pending income tax return)

Replies (3)

Quick Summary

This discussion explains the process for surrendering a Partnership Firm's PAN card when a business is closing. It outlines the steps for online surrender via the NSDL TIN website using form 49A, and also mentions the alternative of visiting the local Income Tax Assessing Officer. Crucially, it clarifies that all pending Income Tax Returns, including for FY 2020-21, must be filed before the PAN surrender is confirmed.

Rama chary Rachakonda

Master in Accounts & high court Advocate

9620 Points Posted on 25 October 2021

The PAN card can be surrendered online by visiting the NSDL TIN website and filling out form 49A. Select the category from the drop down list and proceed with filling the form online. Enter the PAN number to be cancelled in item 11 of the form.

If you wish to cancel/ surrender your PAN (which you are currently using), then you need to visit your local Income Tax Assessing Officer with a request letter to cancel/ surrender your PAN.

Mukesh babu

105 Points Posted on 25 October 2021

Thanks for your Reply. It seems we have to visit IT department for surrender process. One more doubt. They they haven't filed IT return for FY 2020-21. whether they have to file IT return for FY 2020-21 before requesting Surrender of PAN.