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The best thing you can do when giving a status report on your work is to be honest. It's far better to tell your manager that you're behind in your work, or you didn't get it done, than to be dishonest and try to cover it up by saying it's on track or everything's OK. You'll get caught out eventually if you try to cover it up or make it better than it is. If you're honest with the update, then what's the worst that can happen? Your manager may get upset or disappointed, but if they're a half decent manager they will work out how to fix it or get back on track!

Being honest about the progress also includes estimating the effort and work involved. An article on the ability to under promise and over deliver provides some tips on one way to do this. Additionally, if you're on track so far but think it will take more time than you first through, mention this now. It's better to know early when you can all still do something about it, than when the task is actually due and it's too late to change.