Individual Income Tax Returns

Return of income which has not been furnished on or before the due date specified under section 139(1) is called belated return. Belated return of income is furnished under section 139(4).
Any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1), may furnish return for any previous year
(i) at any time before the end of the relevant assessment year
Or
(ii) before completion of the assessment, whichever is earlier.
However, a belated return attracts late filing fees under section 234F.
As per section 234F, late filing fees of Rs. 5000 shall be payable if return furnished after due date specified under section 139(1) but before 31st December of the assessment year. In other cases, late filing fees of Rs. 10,000 is payable. However amount of late filing fees to be paid cannot exceed Rs. 1000 if the total income of the person does not exceed Rs. 5lakhs.

No, on the contrary by not filing your return in spite of having taxable income, you will be liable to the penalty and prosecution provisions under the Income-tax Act.

Yes, the residential status of a person earning income is very much relevant for determining the taxability of such income in his hands.
Taxability of any income in the hands of a person depends on the following two aspects:

1. Residential status of the person as per the Income-tax Law
2. Nature of income earned by him.

Hence, residential status plays an important role in determining the taxability of the income

For the purpose of Income-tax Law, an individual can have any one of the following residential status:

1. Resident and ordinarily resident in India (also known as resident)
2. Resident but not ordinarily resident in India
3. Non-resident

Every year the residential status of the taxpayer is to be determined by applying the provisions of the Income-tax Law prescribed in this regard and hence it may be happen that in one year the individual would be a resident and ordinarily resident and in the next year he may become non-resident or resident but not ordinarily resident and again in the next year his status may change or may remain same.