SHORT ANSWER:
If Income Tax Return (ITR) is not filed, penalties may apply.
DETAILS:
- The taxpayer may face a penalty of up to ₹10,000 if the return is not filed by the due date.
- If the income is above the taxable limit and ITR is not filed, the taxpayer may also face interest on unpaid taxes.
PUNISHMENT / IMPLICATIONS (if applicable):
- Penalty of ₹5,000 for late filing if the total income is less than ₹5 lakh.
- Prosecution may occur for willful failure to file ITR.
SOURCE:
- Income Tax Act, 1961
Related Questions: