Image Source : FILE PHOTO REPRESENTATIVE IMAGE
New Delhi: If your Permanent Account Number (PAN) card has become inactive, don’t worry, as there is a way to reactivate it. Or you have two PAN cards under your name. Wondering how to deactivate your PAN card? So, keep scrolling to check a detailed guide on how to deactivate your PAN card.
How to activate PAN card?
If you have failed to link the Aadhaar with your PAN and are not allowed to carry out certain financial transactions because your PAN card has become inoperative. However, if your PAN card has become inoperative, there is a way to reactivate it.
As per the Central Board of Direct Taxes (CBDT) notification, to link PAN with Aadhaar, one has to make a payment of Rs 1,000 through the E-filing portal and the PAN can be made operative again in 30 days, upon intimation of Aadhaar to the prescribed authority after payment of the fee of Rs 1,000.
Here’s a step-by-step guide for you
How to check if PAN is valid or not?
Go to the Income Tax filing portal incometax.gov.in/iec/foportal/
Look for the ‘Verify Your PAN’ service under the ‘Quick Links’ section and click on it.
On the ‘Verify Your PAN’ page, provide your PAN number, full name, date of birth, and a reachable mobile number.
Click on ‘Continue’ to proceed to the verification page.
Enter the 6-digit OTP that you received on your mobile number and click ‘Validate.’
If the verification is successful, you will see your PAN status displayed on the screen. If your PAN is still active, the message will indicate, ‘PAN is active, and the details are as per your PAN.’
How to activate PAN?
Visit incometax.gov.in/iec/foportal/
Navigate to ‘e-Pay Tax’ to proceed with the submission of the Aadhaar-PAN linking process
Make the fee payment under Minor head 500 (Fee) and Major head 0021 [Income Tax (Other than Companies)] in a single challan
Select mode of payment
Enter your PAN number
Select the assessment year and enter the address.
Fill the Captcha code and click the Proceed tab
The reactivation process will take around 30 days from the date of linking to finish the process and make the PAN card operational again.
How to deactivate your PAN card?
The Permanent Account Number (PAN) is a 10-digit alphanumeric identifier issued by the Income Tax Department. It serves as a crucial proof of identity and is mandatory for various financial transactions, including filing Income Tax Returns (ITR). Having more than one PAN card is against the law, and in cases where multiple PAN cards are issued in the name of an individual, company, or business entity, it is required to surrender or cancel the additional PAN cards. Holding multiple PAN cards can lead to legal consequences and may result in complications during income tax assessments.
Here are steps to deactivate PAN card:
Visit the online portal of NSDL for PAN cancellation or deactivation process.
Choose the ‘Correction in Existing PAN Data’ option under the ‘Application Type’ section.
The PAN cancellation form will appear on the screen. Fill in with the necessary details and also mention the cards that you want to surrender.
Acknowledge by clicking on the checkbox, enter the CAPTCHA and click on ‘Submit’.
You will get a ‘Token Number’, note it down for future use.
Click on ‘Continue with PAN Application Form’ but do not select any boxes.
Submit the form and e-Sign it using Aadhaar.
At the end of the form mention the PAN card you would like to retain.
Make the online payment and download the application for future needs.
Also Read: Charlie Munger dies at 99: Ten facts about Warren Buffett’s closest aide
Also Read: Stock markets jump in early trade; Sensex gains 305 points, Nifty above 19,990 amid positive global cues
Latest Business News
Source link
