Can I File My Taxes for 2019?

Yes, you can file your taxes for the assessment year 2019–20 (financial year 2018–19) at any time before the extended deadline of June 30, 2020. This extension is due to the relaxation provided by the Government of India as a result of the ongoing coronavirus pandemic. While you do not need to wait until the very last minute, it is important to ensure that you complete your taxes and file them by the extended deadline to avoid penalties.

Tax Filing Deadline Extension

The original due date for filing Income Tax Returns (ITRs) for the assessment year 2019–20 was July 31, 2019. However, due to the government's relaxation, the deadline has been extended to June 30, 2020. This extension allows you to complete and submit your taxes well into the summer of 2020, providing more flexibility and giving you ample time to gather all necessary documents and information.

It is crucial to note that you can file your taxes any time before the extended deadline, even if you have not received all your supporting documents, such as W-2s. You can estimate your tax liability, pay an estimate, and file an extension. Once you have all the necessary documents, you can submit the final return, which may either result in you owing additional taxes or receiving a refund if you overpaid initially.

Penalties for Late Filing

While the extension provides flexibility, it is important to be aware of the late filing penalties. If you file after the June 30, 2020, deadline, you may be subject to a fine. The penalties vary based on your income and the amount of delay:

For income below Rs. 250,000, no late filing fee is applicable. For income between Rs. 250,000 and Rs. 500,000, a late filing fee of Rs. 1,000 applies. For income above Rs. 500,000, a late filing fee of Rs. 10,000 applies.

To avoid these penalties, it is recommended to pay your taxes as soon as possible and file within the extended deadline.

Contacting Tax Professionals

If you have any doubts or need further assistance, it is advisable to contact local tax professionals or Chartered Accountants (CAs) who can provide guidance on specific details related to your tax return. They can also assist with any additional documentation needed and ensure that your filing is accurate and complete.

In conclusion, while you can file your 2019 taxes anytime before June 30, 2020, taking advantage of this extended deadline can help you avoid unnecessary complications and potential penalties. Stay organized, gather all necessary documents, and file your tax return by the deadline to minimize risks and ensure a smooth tax filing process.