In India, the PAN card is a prominent identification document that is necessary not just for individuals, but also for businesses. It identifies individuals and entities that are required to pay taxes and file income tax returns. Although a PAN card is mandatory for adults, minors can also get a PAN card because of a few essential reasons. 

In this article, we will delve into why minors need a PAN card and how to apply for one. Additionally, we will also discuss how to do udyam registration and change the name in the Aadhaar card.

Why Do Minors Need A PAN Card?

There are no income tax obligations for minors. Then, why do they need a PAN card? Let's find out.

1. Application for Scholarship:

Most scholarships ask for a PAN card number, regardless of the applicant's age. Hence, a PAN card is necessary to apply for various merit-based scholarships.

2. Income from Investments:

Even if the investments are made in the name of a minor, the income generated from them is taxable and requires a PAN card. Therefore, if parents invest in their child's name, a PAN card becomes mandatory.

3. Income from Professional Services:

If a minor is providing professional services like acting, modeling, or any other related fields, a PAN card is mandatory for TDS (Tax Deducted at Source) deductions and showing income.

4. Banking Transactions:

If a minor has an individual bank account, the bank may ask for a PAN card. Also, if the child is a nominee in any account or holds a locker, the bank may need a PAN card to complete the process.

5. Overseas Travel:

If a minor plans to travel abroad, many countries ask for passport details and other identification documents. In such cases, the passport application may require a PAN card copy.

6. High-Value Transactions:

At times, minors receive large sums of money as gifts, especially during milestones like birthdays, weddings, and graduation ceremonies. If the amount exceeds Rs. 50,000, the bank may not accept the cash or require a PAN card to accept it.

Now that we have established the reasons why minors need a PAN card, let's dive into how to apply for one.

How Can You Apply For A PAN Card for Minors?

The process for applying for a PAN card for minors is similar to that of an adult. However, the difference lies in the documents submitted for the application. The steps to apply for a PAN card for a minor are as follows:

1. Online Application:

The PAN card application process may be completed online via the official NSDL website. To apply online for a PAN card, visit the NSDL website and select "New PAN - Indian Citizen (Form 49A)."

2. Fill in the Details:

Fill in all the required details and submit the form. After the submission, the applicant will receive a unique 15-digit acknowledgment number. The applicant can track the application's status using this number.

3. Attached Documents:

The documents required for a minor's PAN card application are as follows:

a) Identity Proof of the Minor: The following can be used as identity proofs of the minor:

1. Birth Certificate
2. School ID Card
3.  Aadhaar Card

b) Address Proof of the Minor: The following can be used as address proofs of the minor:

1. Electricity Bill
2. Passport
3. Aadhaar Card

c) Identity Proof of the Parent or Guardian: The following can be used as identity proof of the parent or guardian:

1. Aadhaar Card
2. Voter ID
3. Passport

d) Address Proof of the Parent or Guardian: The following can be used as an address proof of the parent or guardian:

1. Electricity bill
2. Passport
3. Aadhaar Card

e) Photograph of the Minor: A recent passport-size photograph of the minor is required.

       4. Signature:

The signature of the parent or guardian is needed on the PAN card application form. However, the Minor's parent or guardian has to sign the form and attach proof of identity.

       5. Submission of the Form:

Submit the form and the relevant documents to the nearest PAN card office. Post submission, you will receive the PAN Card within a few weeks.

That's it! Following these simple steps, you can apply for a PAN card on behalf of a minor.

Udyam Registration:

Udyam is an online registration system created for businesses in India. This initiative replaced the erstwhile MSME Registration process, which was based on investment. Udyam Registration requires minimal documentation and reduces transaction costs and time. Additionally, it helps to promote the ease of doing business in India and offers various benefits. Here's a brief on Udyam Registration.

What is Udyam Registration?

Udyam Registration is a new system put in place to replace the MSMEs registration process in India. It is an online portal that requires an Aadhaar-based application. The process of registering an MSME is streamlined, and the cost of registration is minimal compared to the previous process. Udyam registration enables companies to receive benefits under various government schemes and enhances the ease of doing business.

Who can Apply for Udyam Registration?

Any business that falls under the definition of the MSME sector that exists in India can register with Udyam, provided they have an Aadhaar Card. The definition of MSME is based on investment and turnover limits. Companies that fall within these limits can register themselves with Udyam.

Consider downloading the Bajaj Finserv App for even more convenience. With your smartphone, you may easily manage your accounts and get access to a number of financial services.

Steps for Udyam Registration:

1. Visit the Udyam Registration Portal:

To apply for Udyam Registration, visit the Udyam Registration Portal and select the "New Entrepreneurs Memorandum" option.

2. Submission of Application Form:

Provide the necessary business details and fill in the online application form. You can also upload the required documents, which include the following:

1. Aadhaar Card of the applicant
2. GST Identification Number
3. Details of the bank account of the applicant

3. Processing:

After submission of the application, you will receive the registration number. The application form is verified and processed, and the registration certificate will be issued to you through email.

4. Benefits:

With the Udyam Registration certificate, businesses can avail of different benefits under the government schemes. The benefits include:

1. Saving on ANC Charges
2. Saving on Stamp Duty Charges
3. Interest Rate Subsidy
4. Subsidy on Patent Registration

Name Change in Aadhaar Card:

The name change in an Aadhaar card can happen due to various reasons, such as marriage, divorce, or even a typing error on the Aadhaar card. Changing the name on the Aadhaar card is straightforward and can be achieved by following a few simple steps.

Here's how to change the name on your Aadhaar Card:

1. Visit UIDAI Portal:

To update the name in your Aadhaar Card, visit the UIDAI website. You can update the details through the UIDAI website or by visiting an Aadhaar Seva Kendra.

2. Login:

If you choose the online mode, login to the UIDAI website with your Aadhaar number and registered mobile number.

3. Application Form:

Fill in the necessary details in the application form, including the name change details.

4. Supporting Documents:

Submit the supporting documents that prove the name change. The following documents may be used for updating the name on the Aadhaar card:

1. Marriage Certificate
2. Divorce Decree
3. Court Order
4. Name Change Certificate
5. Verification and Submission:

After the successful submission of the application form and supporting documents, the application is reviewed, and the name change is updated. A confirmation message is sent to the registered mobile number or email address.

Conclusion:

In conclusion, the PAN card, Udyam Registration, and Aadhaar Card are all essential documents in India. The PAN Card is necessary for minors for various reasons, which we have mentioned in the article. To apply for a PAN Card for a minor, we need to follow the straightforward steps mentioned above. Udyam Registration offers various benefits for businesses and is easy to apply for. Finally, changing the name on the Aadhaar Card is a simple yet crucial process and can be achieved by following the simple steps mentioned above.