Income tax return to be filed or not

WERE AS A ASSESSEE WHO IS A RETIRED JUDGE WHOSE TOTAL PENSION IS 17 LAKHS AND SUCH INTEREST FROM SAVING AND FD INTEREST WHICH CROSS 1.5 LAKHS FOR THE FIN YEAR 2015-2016 TDS IS DEDCTED ONLY IN PENSION AND NOT ON INTEREST SO IF I FILE A RETURN AND TO PAY TAX THEY ASK FOR PENALTY 271 F RS 5000 SO SHOULD I PAY TAX AND FILE THE RETURN OR NOT OR ELSE JUST PAY THE TAX KEEP QUIET