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SHORT ANSWER: The penalty for not filing an income tax return can be up to ₹10,000. DETAILS: - If the total income is below ₹5 lakh, the penalty is ₹1,000. - If the total income exceeds ₹5 lakh, the penalty can be up to ₹10,000. - The penalty may increase if the return is filed after the due date. PUNISHMENT / IMPLICATIONS (if applicable): - Interest on the unpaid tax may also be charged. - Legal action may be taken for willful default. SOURCE: - Income Tax Act, 1961
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