Income Tax Return 2026: If you have not yet filed your Income Tax Return (ITR) for Assessment Year 2026-27, experts suggest completing the process as soon as possible instead of waiting until the last day. Besides avoiding late filing penalties, early filing may also help eligible taxpayers receive their income tax refunds faster.

According to recent updates from the Income Tax Department, more than 4 crore taxpayers have already filed their returns, while daily filing volumes have crossed 20 lakh returns in the last few days. With the filing deadline approaching, experts believe submitting your return early could make the refund process smoother.

Some Taxpayers Are Receiving Refunds Within a Day

Tax professionals have reported that, in certain cases, eligible taxpayers have received their income tax refunds within 24 hours of successfully filing and verifying their returns.

For example, one taxpayer reportedly filed an online ITR on the evening of July 27 and received the refund in the registered bank account the following morning.

However, taxpayers should note that refund timelines vary from case to case. The speed of processing depends on several factors, including successful e-verification, accurate return filing, bank account validation, and the Income Tax Department's processing checks. Not every taxpayer will receive a refund within 24 hours.

Over 4 Crore Taxpayers Have Already Filed Their Returns

The Income Tax Department recently shared an update on its official social media platform stating that more than 4 crore taxpayers have filed their Income Tax Returns for AY 2026-27.

The department also highlighted that over 20 lakh returns were filed daily during the previous five days, reflecting a sharp rise in filing activity as the deadline approaches.

Authorities have urged taxpayers not to wait until the final days to submit their returns.

Why Filing Early Can Be Advantageous

Tax experts believe early filing offers several practical benefits.

Faster Refund Processing

When fewer returns are being processed, the Income Tax Department's systems may be able to process eligible refunds more quickly.

Although there is no guaranteed refund timeline, filing before the last-minute rush may help avoid delays caused by increased processing volumes.

More Time to Correct Errors

Early filing also gives taxpayers sufficient time to identify and correct discrepancies in:

• Form 26AS

• Annual Information Statement (AIS)

• Taxpayer Information Summary (TIS)

• Bank account details

• Income reporting

• Tax deduction claims

Correcting mistakes before the due date can help reduce the chances of notices, revised returns, or delayed refunds.

Reduced Last-Minute Stress

Waiting until the final deadline may leave little time to:

• Collect missing documents.

• Verify financial information.

• Resolve technical issues.

• Complete e-verification.

Submitting your return well before the due date helps avoid unnecessary pressure.

Filing Activity Usually Increases Near the Deadline

Every year, a significant number of taxpayers file their returns during the final days before the due date.

As filing volumes increase, the Income Tax Department's processing infrastructure may experience higher workloads, which can extend the time required for return processing and refund issuance.

Although the department has strengthened its digital systems, filing early can still help taxpayers avoid delays associated with peak filing periods.

Should You Wait for a Deadline Extension?

Some taxpayers continue to hope that the government may extend the ITR filing deadline.

However, no official announcement has been made regarding any extension.

Experts caution against relying on speculation, especially since:

• ITR forms were released on time.

• The e-filing portal has been functioning smoothly.

• No major technical disruptions have been reported.

Unless an official notification is issued, taxpayers should plan to meet the currently applicable due date.

What Happens If You Miss the Deadline?

If you fail to file your return within the prescribed timeline, you may still be able to file a belated return, subject to the applicable provisions of the Income Tax Act.

However, late filing can result in:

• A late filing fee of up to ₹5,000 under applicable provisions.

• A reduced fee of up to ₹1,000 in eligible cases where total income does not exceed the prescribed limit.

• Interest on unpaid tax, wherever applicable.

• Delays in processing refunds.

• Additional compliance requirements.

Final Takeaway

With more than 4 crore taxpayers having already filed their Income Tax Returns and filing activity increasing rapidly, waiting until the last moment may not be the best strategy. While some taxpayers have reportedly received refunds within 24 hours, refund processing times differ based on individual cases and verification requirements.

Filing your return early allows more time to verify your information, avoid last-minute issues, and potentially receive your refund sooner if all details are accurate. Rather than waiting for a possible deadline extension, taxpayers should complete their filing before the applicable due date to avoid penalties and unnecessary delays.