03 March 2018
In your case, your Income exceeds maximum amount chargeable to tax before deduction under chapter VI A (Which includes Section 80C), and therefore you are liable to file Income Tax Return. Consequences: If a person has not filed his income tax returns he/she will be issued notice u/s 142(1) for non-filing of income tax return if the income tax department feels it fit. Further, if the individual fails to furnish his income tax returns after the notice he will be penalized for the same. If there are any taxes which are unpaid, penal interest as per u/s 234A i.e. @ 1% per month or part thereof will be charged till the date of payment of taxes. Also Penalty of Rs. 5,000 may be charged. The penalty is not levied in all cases and depends upon the circumstances of the case.
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