PAN Card for Students
PAN Card category for Students : The PAN (Permanent Account Number) card is a unique identification number assigned by the Income Tax Department of India to individuals, companies, and entities that pay taxes in the country. Students who are Indian citizens or foreign nationals residing in India for more than 182 days are eligible for a PAN card. However, the category of PAN card for students depends on the source of income and the purpose for which the PAN card is required.
Additional Reading
What should be the PAN Card Category for Students?
If a student is earning a taxable income from a part-time job or any other source, they are required to apply for an individual PAN card under the individual category. The individual category of PAN card is primarily used for personal financial transactions and not for business purposes.
However, if the student is starting a business or wants to apply for a loan, they may need to apply for a PAN card under the firm or company category. In such cases, the PAN card will be issued in the name of the business or company, and the student will be listed as the authorized signatory.
PAN Card not mandatory for no earning Students
It is important to note that having a PAN card is not mandatory for students who do not earn a taxable income. However, having a PAN card makes it easier for students to apply for loans, credit cards, and other financial products. It also helps the Income Tax Department to keep track of the individual’s financial transactions and ensures compliance with tax laws.
Conclusion
The category of PAN card for students depends on the source of income and the purpose for which the PAN card is required. If a student is earning a taxable income, they should apply for an individual PAN card under the individual category. However, if the student is starting a business or wants to apply for a loan, they may need to apply for a PAN card under the firm or company category.
