New Delhi, July 29 -- With the July 31 deadline for filing income tax returns (ITRs) approaching, many taxpayers are still waiting in the hope of a last-minute extension or believing they can complete the process in a few hours.

Tax experts say that strategy can prove costly. Apart from the late filing fee, waiting until the last day increases the risk of technical glitches, delayed refunds, missed tax benefits and errors that may be difficult, or even impossible, to correct later.

CA Parag Jain, Tax Head at 1 Finance, outlines five reasons why taxpayers should avoid last-minute filing.

Even a minor technical issue on July 31 can push your return beyond the due date.

"Every taxpayer who has not yet filed is heading to the same portal ...