look news india
The last date for filing Income Tax Return (ITR) for assessment year 2026-27, July 31, 2026, is fast approaching. If you have not yet filed your tax return, do it immediately to avoid last-minute rush and server problems.
According to the latest data released by the Income Tax Department, till now more than 4 crore taxpayers have successfully filed their ITR. The department has issued an official statement on the social media platform ‘X’ and appealed to all the employees and businessmen not to wait for the last date and complete their return process on time to avoid penalty.
Big benefits of filing ITR on time
Taxpayers get several major benefits by filing returns within the stipulated deadline (July 31):
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Protection from late fees and penalties: By filing ITR on time, you completely avoid heavy late fees (penalty) and interest charged under Section 234F.
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Fast Refund Credit: If your extra TDS is deducted, filing the return early and e-verifying it helps in getting the refund deposited directly into your bank account faster.
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Freedom from last minute traffic stress: In the last few days, millions of people logging into the e-filing portal simultaneously can slow down the servers, hampering form submission.
Finance Minister’s emphasis on speeding up the refund process
On the occasion of the recently held 167th Income Tax Day, Union Finance Minister Nirmala Sitharaman praised the record number of ITR filings. On this first Income Tax Day organized after the implementation of ‘Income Tax Act, 2025’, the Finance Minister gave strict instructions to the officials to increase the speed of refund processing.
Referring to the responsive tax governance based on the principle of ‘5R’, he said that the main goal of the Income Tax Department is now not just to collect tax, but to provide easy and fair services to the citizens.
1.6 crore interactions in 1 day due to portal upgrade
This time taxpayers are getting better speed and great experience on the e-filing portal:
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The Income Tax Department has increased the computing capacity and bandwidth of the portal manifold.
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The new system is easily handling the traffic of more than Rs 1 crore per day. At peak time this figure reached 16 million interactions.
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Of the 3.2 crore returns filed till July 21, 94% had been successfully e-verified, while 60% of the returns had been processed.
Quick resolution of taxpayer complaints
Huge improvement has also been seen in the resolution of taxpayers’ problems. Of the 78,000 complaints received on the CPGRAMS portal, 94% have been resolved. The average time for grievance redressal has reduced from 57 days to just 28 days, which has brought great relief to the general public.