I am a college student. I have pan card. Do i need to file ITR? Does money transactions done between bank accounts of family members have a role in the need for filing ITR? I mean, is there any transaction limit upon which, if limit exceeds the person has to file ITR?

No money transactions limit. Income tax is for your income; not for transactions. If your income exceeds 2.50 lakhs in a year, you have to file returns.Please check this video to see whether you have to file income tax or not.