Students can get several benefits if they have PAN Card; Here is all you need to about PAN Cards for Students
A Permanent Account Number (PAN) is a ten-character alphanumeric identifier, issued in the form of a laminated “PAN card”, by the Indian Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. It can also be obtained in the form of a pdf if the User doesn’t wish to obtain it physically.
A PAN is a unique identifier issued to all judicial entities identifiable under the Indian Income Tax Act, 1961. The income tax PAN and its linked card are issued under Section 139A of the Income Tax Act. It is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and it also serves as an important proof of identification.
A PAN is also issued to foreign nationals (such as investors) subject to a valid visa, and hence a PAN card is not acceptable as proof of Indian citizenship. A PAN is necessary for filing income tax returns. However, both minors and adults got a right to possess a PAN card.
Government of India has made it mandatory for all the individuals to possess PAN card that includes PAN card for students as well. Most of the parents prefer to apply PAN Card for students as it works in the form of identity proof of identification card of a school. Besides, it helps a student to get several other benefits.
Students can apply for PAN Card both in online and offline modes.
Here is how a student can apply for PAN card online
Step1: If you want to apply online then you have to first of all visit the website of NSDL or UTIISL through and then fill the Form 49A if you are a new applicant.
Step 2: The applicant will receive an acknowledgment number of 15-digits when they complete the filling up process and submitting the same.
Step 3: The student will have to make an online payment for processing of PAN card. If applicant is from India, they need to pay Rs 110 and students applying outside of India need to pay Rs 1020. They also can make the payment though Demand Draft payable at Mumbai.
Step 4: After making the online payment, you need to affix your two-recent passport sized photos with acknowledgment copy along with the necessary signatures or thumb impression. Attach your documents of ID proof, Address proof, Proof of date of Birth and proof of payment of the PAN and send it to Income Tax Department.
Step 5: After successful submission, applicant needs to get ensured that it reaches Income Tax Office within 15 days after submitting the form.
Step 6: After it reaches the Income Tax Office, it will only be issued by Income Tax Department under the supervision of CBDT.
Here is how a student can apply for PAN card online
Step 1: Download a copy of Form 49A from the website of NSDL or UTIITSL
Step 2: Depending on the age at the time of applying the form, tick the option for a Minor PAN card as given in the form.
Step 3: Carefully fill the form and submit along with the documents required and duly signed or with thumb impression at the nearest TIN facilitation center.
Step 4: You will receive an acknowledgment copy from the center and PAN card will be issued by the Income Tax Department of India after the application is verified and processed by the concerned authorities.
Documents required while applying for PAN Card for Students
- Passport-sized photograph
- Proof of Identity
- A proof of identity: Any of (passport Copy, Aadhaar Card Copy, Driving Licence Copy, Voter ID copy, Ration Card Copy, Bank Certificate duly signed by Branch Manager)
- Proof Of Address: Any one of (Passport Copy, Aadhaar Card Copy, Driving Licence Copy, Voter ID copy, Ration Card Copy, Bank Certificate duly signed by Branch Manager, Bank Account Statement, Electricity/Gas connection/ Telephone Bill, Post office pass book containing the applicant’s address, Credit Card Statement
What benefits Students can get when they have a PAN Card
The students can get three major benefits like Proof of Identity, Applying for loan and Validity.
- Proof of Identity: PAN card act as an official document for identification proof that one belongs to country of India. It is one of the universally accepted proof both by government institutions as well as private institutions.
- Applying for loan: Many of the students who want to study further or want to go abroad and suffer from financial crisis, can use PAN card for raising loan from banks or any financial institutions. For getting loans PAN card requirement is a must.
- Validity: Once a student applies for PAN card, it goes unchanged and does not require any change or replacement. This document individuals to link all their financial transactions through one single identity card.
(With inputs from paisabazaar.com)
Kalinga AI