Filing of annual IT return and uses of PAN card.?

Hi all,

As I am a Scheduled Tribe by category and hence exempted from paying any Income Tax, therefore I didn't felt the necessity for applying for PAN card till very recently. However, due to my investment in various mutual fund schemes, I had to apply and get myself a PAN card, as the SEBI has now made it mandatory for quoting the PAN no. in every MF transactions. I heard from somewhere that every person possessing PAN card must file the annual IT return; even if it is to be filed as NIL. Is it true? With no earlier experiance of filing any IT return, I'm completely blank in this matter. How do I actually go about it? Please guide me.

If you want to know about PAN card, the Income tax department has provided a page in their website called PAN FAQs. I am giving you the link. You can click on it and read it. It will tell you every thing you need to know.

http://incometaxindia.gov.in/PAN/Overvie...

Because you have obtained PAN card, it dose not mean you should file your returns every year. If you do not have taxable income, or your income is exempt from tax, then you need not file your return.

Yes you require a PAN number to invest and each time tou sell or buy the tax gets deducted so where is the income tax in this you say you are exempt from income tax so even if you earn a crore as profit and sell off the shares the same year it is still your income so no tax as your rule one applies simple : 0 )