Securing a PAN card is an essential step for many, including students. Whether you're pursuing higher education, entering the workforce, or managing personal finances, having a PAN card can significantly simplify various financial processes. From opening a bank account to receiving scholarships, the benefits of possessing this crucial document are manifold.
This guide will discuss the importance of a PAN card, the step-by-step application process, and the PAN card documents required for students. By understanding these aspects, students can seamlessly understand the financial landscape and leverage the advantages of having a PAN card.
What is a PAN Card?
A PAN (Permanent Account Number) card is a unique ten-digit alphanumeric identifier issued by the Income Tax Department of India. It tracks financial transactions and prevents tax evasion. For students, a PAN card can be a critical document for various financial activities.
What is the use of a PAN Card for Students?
For students, it is important to understand the meaning and use of a PAN card. Some of the benefits are as follows:
- Bank Account Opening: For opening a new account, most banks require a PAN card.
- Scholarships: Scholarships are available to eligible students, and the disbursement of funds often demands a PAN card.
- Return Filing: If you have earned any income (part-time or freelance) yourself, you must disclose this amount when filing your taxes.
- Student Loan Applications: When applying for student loans from financial institutions, they usually ask for a PAN card.
- Proof of Identification: It works as proof that you meet the country's minimum age requirement.
Documents Required for PAN Card for Students
Students need to produce certain documents along with two passport-sized photographs while applying for the PAN card. Here is a detailed list of the PAN card documents required for students:
- Proof of Identity: Aadhaar card, driving licence, Voter's ID, ration card with a photograph, passport, or a bank certificate signed by the bank manager. Additionally, an original ID certificate attested by a Gazetted Officer, MLA, MP, or Municipal Councilor is also valid.
- Proof of Address: Aadhaar card, Voter ID, driving licence, passport, post office passbook, government-issued domicile certificate, recent utility bill (not older than three months), bank statement (should not be older than three months), or a letter of allotment (not older than three years). Additionally, an original certificate of address attested by a Gazetted Officer, MLA, MP, or Municipal Councilor is acceptable.
- Proof of Date of Birth: Aadhaar card, Voter ID, driving licence, passport, matriculation certificate or mark sheet, birth certificate, or government-issued domicile certificate.
Application Process for PAN Card for Students
Applying for a PAN card as a student is a straightforward process. Here’s a step-by-step guide for online application:
- Open the official website of UTIITSL.
- Click on ‘Apply PAN Card' under the tab 'PAN Card Services.'
- Scroll down and click on ‘PAN Card for Indian Citizen/NRI.’
- Select PAN Type (physical or digital).
- Click on Apply for New PAN Card (Form 49A).
- Choose ‘Digital Mode,’ Aadhaar-based e-KYC, and ‘eSign’ mode.
- Select 'Individual' as the applicant status and 'Both physical PAN Card and e-PAN' as the card mode, then hit ‘Submit.’ Notably, the PAN card category for students is the same as for any individual applicant.
- Fill in all required details such as name, date of birth, and address.
- Complete the payment via your preferred mode and receive an acknowledgment slip.
- Print the reference slip, attach photographs and copies of the required documents, and mail it to the nearest UTIITSL office.
For offline applications, follow these steps:
- Download the PAN Application Form 49A from the official NSDL website.
- Read the instructions for filling out Form 49A provided below the form.
- Complete the form with all required details as per the instructions.
- Attach copies of the necessary documents.
- Submit the form and documents to the nearest NSDL/UTIITSL office or PAN centre with the prescribed fees.
- You will receive an acknowledgement number with which you can track your application status. Upon successful verification, the students will receive PAN cards at their addresses.
You can also e-verify the status of your PAN card after applying. Check the status of your application using the acknowledgement number received when you submitted it on the NSDL or UTIITSL website.
The Student’s Blueprint to Financial Freedom
Getting a PAN card is an important first step for students as they move towards financial independence. A PAN card simplifies many financial-related processes, from opening a bank account to filing taxes.
Knowledge about the PAN card documents required for students covers a wide range, and this would help to streamline the process of issuance. With this crucial document in hand, students can then clearly navigate a wide range of financial responsibilities and opportunities.
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Frequently Asked Questions(FAQs)
Yes, any student can apply for a PAN card. It's beneficial for financial transactions and future needs. You just need the necessary PAN card documents required for students.
It is obligatory for all Indian citizens to have a PAN card as per the government of India.
While it’s not mandatory, having a PAN card makes opening a bank account smoother. Some banks may require a PAN card if the student is over 18 or if the account is expected to handle transactions above a certain limit.
Any Indian citizen, including students, can apply for a PAN card regardless of age or income.
There is a cost to apply for a PAN card, with a modest fee of ₹110 (inclusive of GST) as of August 2024.
Students in India can use a PAN card to open a bank account, apply for scholarships, participate in part-time jobs or internships, and file income tax returns if they earn taxable income. It also serves as valid identification proof.
AUTHOR
KreditBee As a market leader in the Fintech industry, we strive to bring you the best information to help you manage finances better. These blogs aim to make complicated monetary matters a whole lot simpler.