PAN Card for Children: Find out when your child needs a PAN card, the benefits, and the simple process to apply.
The PAN card and Aadhaar card are important identification documents in India. You need a PAN card for most financial transactions, like opening a bank account or filing income tax returns.
You might think PAN cards are only for adults who pay taxes. But that’s not always true. Even children can have PAN cards.
A PAN card is a useful ID card for your child. It can be helpful in many ways, even if they don’t pay taxes yet.
When Does a Child Need a PAN Card?
- Investments: If you want to make your child a nominee for your investments, a PAN card is necessary.
- Bank Accounts: Opening a bank account for your child often requires a PAN card.
- Income: If your child earns income (like from a part-time job or investments), they’ll need a PAN card for tax purposes.
Why Does a Child Need a PAN Card?
A PAN card is mandatory for children if they:
- Earn income from investments or other sources.
- Have a bank account or deposits exceeding ₹10,000.
- Own or inherit property.
- Receive a scholarship or prize money exceeding ₹10,000.
Benefits of PAN Card for Children
A PAN card for your child offers several benefits:
- Identity Proof: A PAN card serves as a unique identification proof for your child.
- Financial Transactions: It’s needed for various financial transactions in your child’s name.
- Future Investments: Having a PAN card early on makes it easier to manage your child’s finances in the future.
How to Apply for a PAN Card for Your Child?
Applying for a PAN card for your child is straightforward:
- Fill Form 49A or Form 49AA online or offline: https://pan.utiitsl.com/.
- Attach required documents (birth certificate, ID proof, address proof)
- Pay the applicable fee
- Submit the application
Documents Required:
- Birth certificate
- ID proof (Aadhaar, passport)
- Address proof (utility bills, passport)
- Parent’s ID and address proof
Parents or guardians apply for a PAN card for their child. However, when the child turns 18, they need to update the PAN card with their photo and signature.
A PAN card is crucial for your child’s financial future. It helps track income, enables easy banking, and enhances financial security. Apply for a PAN card for your child today and secure their tomorrow!