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SHORT ANSWER: If you do not file your Income Tax Return (ITR) in India, you may face penalties and legal consequences. DETAILS: - Failure to file ITR can lead to a penalty of up to ₹10,000 under Section 234F of the Income Tax Act, depending on the delay. - You may also lose the opportunity to carry forward losses to future years. - Non-filing can result in interest on unpaid taxes and potential scrutiny by tax authorities. PUNISHMENT / IMPLICATIONS (if applicable): - Penalty of up to ₹10,000. - Interest on unpaid taxes. - Legal action for willful non-compliance. SOURCE: - Income Tax Act, 1961
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