As per the Income Tax Act, there is no age limit to apply for a PAN card for minors and there are many reasons why you, as a parent/legal guardian, should get this document for your child. These include having valid identity proof for your child to secure their financial future.
Thankfully, you can easily apply for a PAN card for minors online or offline.
Read on to learn why you should get a PAN card for minors and the steps to apply for a minor PAN card online or offline.
There are many instances where getting a PAN card for minors is fruitful. One of the most common ones is that it can act as identity proof, provided the child is above five years old. Another common instance is opening a bank account in your child’s name.
You will also need to furnish a PAN card for minors when investing in their name or making them a nominee for your investment in real estate, shares, etc. As such, you can secure your child’s financial future with it form of identification.
A PAN card for minors is also mandatory if you apply for government schemes specially curated for children. One such example is Sukanya Samriddhi Yojana, a scheme offered to secure your daughter’s future.
Lastly, you must apply for a PAN card for minors online or offline if their income is taxable separately. This is because a PAN card is an essential document that taxpayers need to furnish while filing ITR. However, remember that a minor’s income is taxed separately only under certain situations.
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You can apply for a PAN card for minors online and offline. Both methods have a simple minor PAN card application form that you will need to fill in.
Here are the steps you need to follow when applying online or offline.
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Once the department processes your application, the PAN card will be sent to the address mentioned in the form.
Remember that when your child crosses the minor PAN card age limit and becomes an adult, you need to upgrade their PAN card. The process of PAN card update from minor to major is as simple and easy as applying for it.
Armed with this information on why and how to get a PAN card for minors, remember to check the details before submitting the form. A PAN card is essential for securing your child’s future, so make sure you apply at the earliest. A PAN card is also a crucial document your child may need to get credit in future.
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You can also easily get financing with your PAN card and a few basic documents to meet your and your child’s requirements. With the Fibe Online Personal Loan, you can get a loan of up to ₹5 lakhs at affordable interest rates and with a flexible repayment tenure of 3 to 36 months. You can use the funding as you need without any restrictions. Download our Instant Loan App or register on the website to get started.
Any individual above the age of 18 can apply for a PAN card. However, according to the Income Tax Act, there’s no age limit and parents/legal guardians can get one for minors too.
A minor PAN card is issued to individuals below the age of 18.
According to the Income Tax Act, there is no major and minor PAN card age limit and any individual can get it. However, in the case of minors, parents/legal guardians will have to apply.
To update a minor’s PAN card once they become an adult, they will need to fill out the changes/correction form available on the official website. The application must be filled out as per the instructions mentioned and submitted.
While a minor cannot apply themselves, you as a parent or guardian can apply on their behalf and get a minor PAN card online or offline.
To apply for a minor’s PAN card, you will need their name, parent/guardian’s name and address. You will also need to submit the necessary documents and recent photographs of the minor.
A minor student can get a PAN card but an adult, such as the parent/legal guardian, will need to fill out the minor PAN card application form on their behalf.
Having a PAN card as a minor enables them to apply for various financial products like bank accounts and make investments. You can also make them a nominee for your investments, securing their future.
A major’s PAN card is issued to individuals who are 18 or above, while a minor’s PAN card is issued to those below 18 years.
Yes, you need to update your minor PAN card as soon as you become an adult. This is because a PAN card issued for a minor has no photograph or signature, which is essential in making it a valid proof of identity.