In the financial year 2008-2009 (assessment year 2009-2010) the basic exemption limits are as follows. You are only required to pay income taxes (and file an IT return) when your taxable income exceeds the exemption limit.

1. Resident senior citizens (65 or older) : Rs. 2,25,000
2. Resident women tax payers (under 65) : Rs. 1,80,000
3. Resident male tax payers (under 65) : Rs. 1,50,000.

In the financial year 2007-2008 (assessment year 2008-2009) the basic exemption limits are as follows.

1. Resident senior citizens (65 or older) : Rs. 1,95,000
2. Resident women tax payers (under 65) : Rs. 1,45,000
3. Resident male tax payers (under 65) : Rs. 1,10,000.

i have pan no allotted but my income is less than exemption limit. should i file return or not?

Do I need to file Taxes?

Currently individuals and HUF with income below rupees one lakh need not pay any income tax and so do not need to file taxes if you did not have any TDS.