On August 13, Mahi Zamad became India’s youngest tax assessee. She was all of nine days old at the time.
Mahi was allotted a Permanent Account Number (AALPZ7091H ) by the Income-Tax department seven days after her father Ujjwal, a Bhayander resident, applied for it at the National Securities Depository Ltd.
A senior income-tax officer, who requested anonymity as he was not authorised to comment, confirmed that Mahi is India’s youngest PAN holder.
Ujjwal (28), a senior executive with Onida, also opened an account with the Vasai Janata Sahakari Bank Ltd for her and took out a life insurance policy in her name.
“We wanted to give Mahi a gift that she could remember throughout and which would be useful in the future,” said her mother Rachna (25), a homemaker. “There could have been nothing better than a PAN, insurance policy and bank account.” Ujjwal added: “The faster you start investing, the better it is for the child.”
Ujjwal said he was influenced by Amar Karkaria, the husband of Rachna’s sister, who got his daughter a PAN when she was 11 days old.
Ujjwal and Rachna plan to also open a demat account through which they would invest in stocks for her. This account, though, will be in Ujjwal’s name as stock investors must be at least 18 years old. “The stock market has done well in recent times, so it would be good to invest in her name,” said Ujjwal.
Source : http://www.hindustantimes.com/
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