It will not be a mistake if we say that it’s quite easy to forget the filing of taxes. Life is very busy with so many things to do at one time. It seems really difficult to get some time to organize all the required tax information and file the return on time. There are many who miss the time to file the tax and later pay penalty for late submission of tax. But the question here is what circumstances you will face when you completely forget to file your taxes. In India, if you fail to pay your tax within the given due time then you are supposed to face the following things.
The amount of penalty that one needs to pay in India in case of not filing Income taxes:
A taxpayer will be liable to pay the below ITR filing fees in case of late payment:
a) Rs 5,000 penalty in a case tax return is finally filed crossing the deadline but before December 31 of the current assessment year.
b) Rs 10,000 penalty in a case tax return is finally filed but after December 31 and before completion of the relevant assessment year.
One may need to face Face Judgement Assessment – Sec 144 for not filing of tax on time. Hope the above discussion gives a brief on the consequences if you don't file your taxes.