Do I need to obtain a PAN card and file tax returns?

Question

I am currently a student in India. The only income I receive is from my parents (who live abroad) for education and accomodation.

Now all this money is kept in a bank account which pays interest.

If bank interest is my only assessable income (on which tax is already deducted at source and my total assessable income is obviously below the exemption limit) do I need to register for a PAN card?

The bank keeps pestering me for my PAN card number everytime i need to make a deposit of above Rs 50,000.

Answer 1

ofcourse yes because the i.tax dept knows u not by ur name but by ur pan no.

Answer 2

Any money you receive from your parents in not taxable. The interest income is your income. You do not need to file income tax return if your interest income in financial year 2007-08 is less than Rs. 1,10,000 (or Rs. 1,45,000 for woman).

If your income in 2007-08 was less than Rs. 1,10,000, then you can submit Form 15G to the bank so that no TDS is deducted.

For information on your India Income Tax return  http://mytaxes.in/index.php?topic=32.0.  

Answer 3

now a days pan card is necessary for all of the offices whether in bank or any other organisation. so first u hve to obtain pan card by fill up form no.49a & it cost not more than rs. 100 so now the question is of tds so it can be obtain  from it department only when u will file income tax return so if u want to return back the tds amt. then u hve to file it return otherwise there is no need to file return but pan card is must