For the financial year 2019 (Ass year 2019-20), the deadline to file taxes ends on September 30, 2020. And for the FY 2020, it is allowed until November 30, 2020.
So, if you are still to file your taxes for FY 19 do it at the earliest as there is no relief allowed on penalty or interest on taxes filing.
Here are key points to note with regard to filing taxes for FY 2019
Penalty and interest: In case the deadline for filing taxes is not complied with, for late filing till December 31, 2020, a penalty of Rs. 5000 will be charged. And for filing even after that timeframe until March 31, 2021 you will be levied a heavy sum of Rs. 10000.
Even if the belated return for FY 19 is filed until September 30, there shall be charged a penalty to the tune of Rs. 10000. Small taxpayers with income up to Rs. 500000 will be charged a penalty of just Rs. 1000.
Refunds will be delayed:
If you have some refunds to claim that can also happen once the return is filed. Also, the tax department pays you interest from the return filing date so late filing also delays any interest if at all it is there.
Notice for non-filing of ITR for FY19:
This can be the last chance to file the belated ITR and for non-filing you may receive a notice from the tax department. And special facility to still file the taxes is allowed under special cases only.