What are the repercussions of not filing a tax return within the specified timeframe?

If you fail to file your tax returns within the stipulated time, you are supposed to file a belated return and file a new ITR as the older one becomes null and void. Under section 234F Late filings incur a penalty upto Rs. 5,000. But, for an income of Rs. 5,00,000, the penalty levied is reduced to Rs. 1000. Also, if gross total income is Rs. 2,50,000 or less then no penalty shall be imposed.