PAN Card: If you are investing in the name of your child or want to make a nominee, then PAN card will be required. Let us know how the PAN card of a minor is made.
Permanent Account Number (PAN) card is used for identity and address proof just like Aadhaar. PAN card contains information about all your financial status. It is a 10 digit alphanumeric number. Apart from the identity card, the work of PAN card is also done for paying tax, filling ITR and claiming TDS.
PAN card is mandatory for all taxpayers, businesses, organizations and local governments. If someone does not have a PAN card then the work can stop. In such a situation, it is necessary to make a PAN card.
Suppose if a minor earns more than 15 thousand rupees every month, then he can claim for ITR. Income tax return can be filed only if you have PAN card. If you do not have a PAN card then you cannot claim ITR. Let us know how minors can apply for PAN card.
The PAN card of a minor is required for making investments, adding a nominee in investments, opening a bank account and income of a minor, etc. In this case, in the name of the minor, his parents or any other member of the household can also apply for PAN card.
The PAN card issued in the name of a minor does not have his photograph and signature. Hence it cannot be used as an identity proof. When the minor turns 18, he/she has to apply for PAN card update.
To apply for PAN card, you have to visit the website of NSDL. Now fill Form 49A carefully, then submit other documents including minor certificate and photograph from parent. Signatures of parents will also be required. Now you have to pay Rs.107. After this you will be given the acknowledgment number, from which you can track your PAN card.
