In case of firms, who have discontinued their business still have to file return u/s 139(1), since no procedure has been prescribed
for surrender of PAN by the discontinued firms. Due to this firms are liable to penalty u/s 271F at any time.

It is suggested that procedure for surrender of PAN & exemption from filing of return of income in respect of Firms having business discontinued, may be prescribed. With this, firms may be saved from penalty  u/s 271F.

Source- Pre-budget Memorandum 2014 on direct taxes by ICAI –

More Under Income Tax

Posted Under

Category : Income Tax (26967)
Type : Articles (16493)
Tags : pan number (268)

0 responses to “Prescribe Procedure for surrender of PAN by Firms – ICAI”

  1. Hitesh chaudhari says:

    this is a very nice suggestion for saved penalty for in this case.

    Please suggest procedure for surrender PAN of a Firm.

    I was tried for surrender PAN of A Firm. but I followed procedure on IT Department in only one option are arias for surrender duplicate PAN or One or more PAN.

    Please suggest me original PAN surrender Procedure.

    Thank you.

  2. Akhilesh kumar says:

    CBDT should provide the proper guide line how to surrender the PAN if firm has stop business.

  3. ASHWIN GALA says:

    A very good suggestion.


Leave a Reply

Your email address will not be published. Required fields are marked *