Minors are eligible to apply for PAN card in their own name as defined in section 160 of the Income Tax Act. As per the Income Tax Act, there is no minimum age limit for applying for PAN Card.
- PAN Card serves as important proof of identity for minors
- Easy to open a bank account with a PAN Card
- Easy to make investments in the name of the Minor
- To open Sukanya Samriddhi Yojana account for your daughter
- If the minor has earned the income himself/herself, PAN is required
- Minor can conveniently apply for education loan, if he/ she has a PAN Card
- PAN Card is mandatory whenever a minor is a nominee of your investments like property, stocks and any other financial product