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Difference between Minor PAN card VS Major PAN card
A permanent Account Number or PAN Card is an important identity proof issued to all citizens, including minors and non-resident Indians (NRIs). As per section 160 of the Income Tax Act, even minors are eligible to apply for a PAN Card as there is no age limit requirement specified in the Act. The PAN card can be applied for children below 5 years and remain a permanent identity proof irrespective of change in name or address.
In this article, we look at the purpose of minor PAN Cards and how different they are from major PAN cards.
It is important for minors to have a PAN card in the following circumstances:
Minor children are often nominated by their parents as nominees for investments, shares, or similar financial assets
Parents who invest in their children's names must make sure their kids have minor PAN cards
In the case of opening a bank account for a minor daughter or a Sukanya Samriddhi Yojana account
Investors and income holders who are minors are not taxed, and their income is included in their parents' income. A PAN card is required for minors in the following circumstances where it is taxable:
In the case of a PAN card issued in the name of a minor, the minor's photograph and signature cannot be found. These limitations prevent a minor from using the PAN card as proof of identity.
As soon as a minor PAN card holder turns 18, the relevant changes must be made to the PAN record. The card is then replaced with one containing a photograph and signature.
Both the minor PAN card and major PAN card will contain the same PAN number.
The minor PAN card issued must be updated once the cardholder turns 18. Here is how you can get a new PAN card with your photo and signature:
Step 1: Click here to access the 'Request for new PAN card and/or changes or correction in PAN data' form.
Step 2: In the application, mention the existing PAN number, check the box labeled "photo mismatch" and "signature mismatch," and then submit it.
Step 3: Applicants must print out the application form, sign it, and then submit two photographs.
Step 4: Submit the application along with proof of identity and address, such as an Aadhaar card, passport, voter ID card, or bank statement.
Step 5: Make a payment of Rs 107 either using internet banking or your credit/debit card.
Step 6: Another option is to attach a demand draft for Rs 107 drawn in favor of NSDL-PAN.
Step 7: After submitting the online form, the applicant will receive an acknowledgment number. The finalized application will be sent to NSDL or UTISL-approved centers.
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PAN cards are issued to both minors and adults. While both PAN cards consist of the same number, the minor PAN card lacks the holder’s photo and signature. Minor PAN cards come with various benefits for the holder. It can be used as identity proof, and parents can make investments in the name of their kids using this card. However, as soon as the minor turns 18, steps must be taken to update the PAN card accordingly.
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