Should i file IT return for merely having PAN card?

My earnings are not coming in that prescribed tax slab.

You need not file a IT return for merely having a PAN card until your income exceeds the prscribed limits. But in case you are palnning to do something big, like owning a property or a forign tour, its justified to maintain your income tax records to avoid future complications.

I'd like to add something in NJ Reddy's answer. Filing an IT return is always beneficial, as it would help build up your capital. all it would cost you is mere 200 or 300 rupees.

You contact to, UTITSL-PAN Dept. UTI Technology Services LTD.
P.B.NO.20, Plot no.-3, sector-11, CBD-Belapur,
Navi-Mumbai 400614.

contact Nos. 022-67931300/01/02/03/06
Fax no.022 - 67931399 / 1099
visit@www.pancard.utitsl.co.in

IT IS NECESSARY TO FILE RETURNS IF PAN ALLOTED ?

There is no legal obligation to file tax returns unless the income chargeable to tax, exceeds the minimum tax threshold of Rs. 1,10,000. (1,50,000 for FY:2008-09)

Obtaining a PAN card has nothing to do with the above requirement. In other words, if your income does not exceed Rs. 110,000 (1,50,000 for FY:2008-09), regardless of whether you have a PAN card or not, you do not have to file tax return.