Income Tax Return (ITR): With the income tax filing deadline approaching, tax experts are encouraging taxpayers to submit their returns as early as possible instead of waiting until the last moment. Early filing not only helps avoid last-minute technical issues but may also lead to faster processing and quicker tax refunds.

According to the Income Tax Department, more than 4 crore taxpayers have already filed their Income Tax Returns (ITRs), and the pace of filings has accelerated significantly in recent days.

Some Taxpayers Receiving Refunds Within 24 Hours

Tax professionals say that many eligible taxpayers are receiving their income tax refunds in a remarkably short time after filing their returns.

In one example shared by tax experts, a taxpayer filed an ITR online on the evening of July 27 and received the refund in the registered bank account the following morning. While refund timelines vary from case to case and depend on successful processing and verification, such instances highlight the efficiency of the current processing system for eligible returns.

However, taxpayers should note that refund timelines are not guaranteed and can differ depending on factors such as return accuracy, verification status, and the department's processing workload.

Over 4 Crore Income Tax Returns Filed

The Income Tax Department recently shared an update through its official social media account, stating that more than 4 crore taxpayers have already filed their Income Tax Returns.

The department also urged taxpayers not to wait until the final days to submit their returns.

According to the update:

• More than 4 crore ITRs have been filed so far.
• Over the last five days, more than 20 lakh returns have been filed each day.
• Taxpayers have been advised to complete the filing process well before the deadline to avoid last-minute congestion.

Why Early Filing Can Be Beneficial

Tax experts believe filing your return early offers several advantages.

Some of the key benefits include:

• Faster processing of eligible tax refunds.
• Reduced chances of portal congestion.
• More time to correct any errors, if required.
• Lower risk of missing the filing deadline.
• Better financial planning with quicker refund credit.

As the deadline approaches, the number of taxpayers accessing the income tax portal typically increases, which can result in heavier processing loads and longer turnaround times.

Don't Wait for a Deadline Extension

Every year, some taxpayers delay filing their returns in the hope that the government will extend the due date.

However, there has been no official announcement indicating that the current filing deadline will be extended.

Tax professionals advise taxpayers to complete the filing process within the prescribed timeline instead of relying on speculation about a possible extension.

What Happens If You Miss the Deadline?

If the filing deadline is not extended, taxpayers who miss the due date may have to:

• File a belated return, subject to applicable provisions of the Income Tax Act.
• Pay any applicable late filing fees or penalties.
• Face delays in processing refunds, where applicable.
• Encounter restrictions on claiming certain benefits, depending on the nature of the return.

The exact consequences depend on the taxpayer's individual circumstances and the applicable tax rules.

Tips Before Filing Your ITR

Before submitting your return, taxpayers should ensure that:

• Personal details and PAN information are correct.
• Bank account details are accurate for refund credit.
• Income from all eligible sources has been reported.
• Applicable deductions and exemptions have been claimed correctly.
• The return is verified after filing, as an unverified return is generally not treated as complete.

Final Take

With more than 4 crore Income Tax Returns already filed, the Income Tax Department is encouraging taxpayers to avoid waiting until the last moment. Filing your ITR early may help you receive your refund sooner, reduce the risk of portal congestion, and provide sufficient time to correct any filing errors. Since there is no official confirmation of a deadline extension, eligible taxpayers should complete the filing process within the prescribed due date to avoid unnecessary complications.