Can Minors Have a PAN Card in India?
Introduction: Yes, minors in India are eligible to apply for a PAN (Permanent Account Number) card. Although minors generally do not have taxable income, there are several scenarios where a PAN card may be required for a child. The PAN card for minors is useful for specific financial transactions and ensures that their financial records are properly maintained for future purposes.
Why Would a Minor Need a PAN Card?
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Financial Investments: If parents or guardians wish to open a bank account, invest in fixed deposits, or make other investments like mutual funds in the name of the minor, a PAN card is often required.
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Income from Investments: In cases where a minor earns income through investments or assets in their name (e.g., property, stock market investments, or gifts), a PAN card will be necessary for tax purposes.
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Educational Loans and Future Planning: As part of long-term financial planning, a PAN card may be essential for obtaining loans for higher education or other financial dealings when the child reaches adulthood.
How Can Minors Apply for a PAN Card?
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Form 49A Application: To apply for a PAN card for minors, parents or guardians need to fill out Form 49A. This form can be downloaded online or obtained from designated PAN card service providers.
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Required Documents:
- Identity proof: Birth certificate, Aadhar card, or school identity card of the minor.
- Address proof: Parent’s or guardian’s proof of address (Aadhar card, voter ID, etc.) will be submitted on behalf of the minor.
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Processing: Once the form is submitted along with the necessary documents, the PAN card is typically processed within 15-20 business days.
PAN Card Features for Minors:
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Under Guardian’s Control: The PAN card for a minor will carry their name but be under the control of a parent or guardian until the child turns 18.
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Update Post-Adulthood: Once the minor turns 18, they are required to update the PAN card by submitting a fresh photograph and providing proof of age.
Conclusion:
Applying for a PAN card for minors is a straightforward process and can be beneficial for a variety of reasons. Whether for financial planning, investment in a child’s name, or future tax-related needs, having a PAN card in place early can be a practical step for parents and guardians.
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