Do all PAN Card Holders Need to File Income Tax Return?

Many of us believe that if we have a PAN then it is compulsory for us to file your income tax returns. However it is not true.
You only need to file your income tax return if your Gross Total Income is more than the exemption limit notified by the finance ministry for that year. For example if you are a male below 65 years of age and your gross total income in the financial year 2008-09 is upto Rs. 150,000 then you don’t need to file your return. Only if your income is above Rs. 150,000 you need to file your return. Also it is not necessary to continue filing returns once you have filed a return. It is your Gross Total Income for that year that decides whether you should file a return or not.

Here Gross Total Income is the actual income earned and should not be confused by net income derived after deducting benefits received under the Income Tax Act.

Also Read:

• Individuals- How to file your Income Tax Returns Electronically?
• PAN Holders- View Your Income Tax Credit Status Online
• Online PAN Verification- Step Taken to Check PAN Frauds
• How to read your Income Tax PAN?