A PAN card is compulsory for a number of purposes, from paying taxes
to buying physical investments or to make large investments and cash
deposits. It is a misnomer that only an adult can apply for a PAN Card.
Age is not the deciding for holding a PAN Card. NSDL has made provisions
that even a minor can hold PAN card in his/her name.
Benefits of holding a PAN Card for minor
- The whole purpose of creating a PAN card for a minor is to create a simple path for them in case if as parents or guardians, we intend to make them nominee or beneficiary of our assets.
- To hold any investment we need to furnish a PAN Card for a minor.
- The PAN card number is a permanent one and hence, it is associated with the minor for their life. It acts as a steady proof irrespective of any name / address change.
Although a PAN card is required to
collate all tax related queries of an individual, it is not necessary
that a minor holding PAN card is taxed. The minor’s income is clubbed
with his parent’s income depending on the various conditions under
clubbing of income. However, if the minor has earned from his own skill,
physical labor or suffers from disability (defined in Sec 80U), then he
is taxed for this income.
To fill in the new PAN CARD, please follow the link at https://tin.tin.nsdl.com/pan/form49Adsc.html
Thanks and Regards
Team
Email: saarthifp@gmail.com
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