What Is The Use Of PAN Card For Students?

Who needs a PAN card?

Obtaining a PAN card or Permanent Account Number is mandatory for every tax payer or the person who needs to file an income tax return on behalf of self or others.

Basically, any individual/non individual (including the foreign citizens/entities) earning taxable income in India must have a PAN card..

Is PAN card free of cost?

The charges for applying for PAN is Rs. 93 (Excluding Goods and Services tax​) for Indian communication address and Rs. 864 (Excluding Goods and Services tax) for foreign communication address. Payment of application fee can be made through credit/debit card, demand draft or net-banking.

Can OCI get PAN card?

People who hold Indian citizenship and settled abroad should use the Form 49A available for Indian citizens. Whereas NRIs who hold foreign citizenship, such as OCI holders or people of Indian origin who possess foreign citizenship or foreigners who are not of Indian origin are required to fill Form 49AA.

Can a student get PAN card?

Applying for a PAN card as a student can be done both offline as well as online. There is no specific form or process for a student PAN card application. Depending on your age at the time of application, you would have to apply for a Minor PAN card or a regular PAN card.

Can under 18 get PAN card?

A minor cannot apply for PAN card herself directly. Parents, guardians or a representative assessee has to apply on her behalf. The form to use is form 49A (which is the same one that adults also have to use). … Once a minor turns 18 years, you can update the PAN with the child’s photograph and signature.

Is PAN card mandatory for opening bank account for students?

The Reserve Bank of India (RBI) has made Aadhaar and PAN cards mandatory for opening bank accounts. … “In case an individual customer who does not have Aadhaar/enrolment number and PAN and desires to open a bank account, banks shall open a ‘small account’,” the circular said.

Is Minor PAN card valid?

A PAN card issued in the name of a minor does not contain the minor’s photograph or signature, and therefore, cannot be used as a valid proof of identity. Once a minor PAN card holder turns 18, the relevant changes must be made in the PAN records.

What is Pan card category?

Such PAN cards contain the photograph of the individual/head of the family (in case of HUFs). PAN card for individuals contains the photograph of the cardholder, Permanent Account Number, his name, father’s name, gender, date of birth, QR code, hologram and signature. NRIs applying for PAN are covered in this category.

Is PAN card mandatory for KYC?

Role of PAN card in KYC Possessing a PAN card is made mandatory for all the income-earning individuals and non- individuals by the Government of India. … PAN is one of the important documents that individual must provide during the KYC process.

What is the use of PAN card?

The card was issued in order to prevent tax evasion by individuals and entities as it links all financial transactions made by a particular individual or entity. In this way, the Income Tax Department has a detailed record of all major transactions for tax purposes.

At what age PAN card is made?

Students can apply for a PAN card as long as they are above 18 years of age. In case you are a minor (younger than 18 years old), your parents can apply for the PAN card on your behalf. There is no maximum age limit for application of PAN card. You can be of any age and still apply for a PAN card.

Is PAN card necessary for passport?

Birth certificate no longer mandatory for passport; PAN card, Aadhaar, driving license will suffice. New Delhi: In order to streamline, liberalise and ease the process of issue of passport, the government has said that the birth certificate is no longer required to get a passport.

Can a 17 year old get a PAN card?

Yes, individuals can apply for PAN Card for a minor child without any hassle. Minor is a person who is below the age of 18 years. However, the minor cannot apply for a pan card directly. Parents, guardians or representative assessee’s of the minor can apply for PAN card.

Who can sign a minor PAN card?

For minors, the proof of identity and address of either parent would be required to be submitted. The application should also be signed by the parent whose documents have been submitted. The signature of the parent would be printed on the PAN Card.

How can a minor apply for a PAN online?

Step 1: Visit the official website of NSDL, click on ‘Online PAN application’. Step 2: On the homepage click on the “New PAN for Indian Citizen (Form 49 or Form 49A)” option. Step 3: After that enter the required details (Child’s name, parent’s phone number and e-mail address, etc).

Can I open bank account without pan?

In such cases, account holder need to submit officially valid documents for KYC purpose, The document required include a passport, driving licence, voter ID card, PAN card, Aadhaar letter issued by UIDAI or Job Card issued by NREGA signed by a state government official.