Filling of ITR Reurn

I am a senior citizen pensioner. My income will be above 3 lakhs after adding all income from other sources(FD int.), but after legitimate deductions, my taxable income is less than 2 lakhs. In Form 16 given by bank no income tax is required to pay being less than 3 lakhs. If I don't file ITR Reurn what will be the repercussions, as the question of penalty for not filing return may not arise since no Income tax is due.