How to get PAN for minors
Permanent Account Number (PAN) is a unique, 10-digit alphanumeric identity allotted to all taxpayers in India by the Income Tax department. It is essential for undergoing various financial transactions such as receiving taxable salaries/professional fees, sale or purchase of assets, buy or sell mutual funds, etc. It also serves as a proof of identity. Here's how a minor can get PAN in India.
It might get important to get a PAN for a minor if: 1) The parent wishes to make their child a nominee of their investments, or wants to buy fresh investments in their name. 2) The parent needs to open a bank account for the child. 3) The minor earns some sort of taxable income.
Documents required to apply for PAN for a minor are: 1) A proof of identity of the parent, such as Aadhaar card/Ration card/Passport, 2) One proof of address, such as DL/Voter's ID card/Passport, and 3) One age-proof of the minor, such as Birth Certificate/Aadhaar card/Passport.
First off, visit the official online portal of NSDL for PAN application. Select the application type and category. Enter the required applicant details, and click on 'Submit' button. Next, upload the required documents. Finally, make the application fee payment. After successful submission of the form, you will get an acknowledgement number, that can later be used to track the application.
In order to apply for a PAN card for a minor using the offline mode, follow these steps: Download Form 49A from the NSDL portal. Next up, fill up the necessary details, and attach relevant documents. Submit the form and the documents at the nearest NSDL office, with the required fee. After successful verification, the PAN card will be mailed to the given address.
Since, PAN card for a minor lacks their photograph and digital signature, it cannot be used as a proof of identity. So, one must apply for updation/correction of the PAN, once they turn 18.