What if I haven't filed returns for FY12?
You can still file belated returns. There is no penalty for late filing if you've paid all the taxes. For FY12, you can file belated returns till March 31, 2014. However, if there is some tax due, you will be levied an interest of one per cent for every month of delay.
What is the penalty if I forget to file?
Not declaring your income or failure to pay taxes by the due date amounts to tax evasion. The penalty can be anywhere between 100 and 300 per cent of the amount due. Hence, even if all taxes are paid, do file returns.