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Income Tax Return i.e. ITR is simply a form which has to be filed with the Income Tax Department. Some employees at the company term it as income tax return filing or an income tax filing. The main moto of online ITR filing is to make a report of income and the taxes that are paid to the government.

ITR-1 is also known as SAHAJ form. This Income Tax Return Form is for the resident individual taxpayer whose total income for a financial year includes:
This is for the person whose income source is only Salary or Pension.
A person whose income source is from a One House Property.
Person who has no income from any business or by selling any other asset that he owns.
A person whose source of income is from various investments, schemes or fixed deposits etc
A person whose income from Agriculture is below Rs. 5000
A person who does not own any kind of asset or property outside India.
A person whose source of income isn't from any other country except India.
A person whose source of income is not from any jackpot such as lottery, horse racing etc.
Person who want to accumulate their spouse’s or underage child’s income with their own, as long as the income to be clubbed is in accordance within the criteria.
Assessment Year for which this Return Form is applicable ?
This Return Form is applicable for assessment year 2020-21 only, i.e., it relates to income earned during the Financial Year2019-20.

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People who are not eligible to file ITR-1?

Persons whose income is more than 50LPA.
A person who earns more than 5000 by means of Agriculture.
A person who is a director in a company.
A person who has income from more than one housing property.
A person who have foreign asset or income from any foreign means.
A person who is a resident is not ordinarily a resident (RNOR) and non-resident.
A person claiming double taxation relief under Section 90/90A/91.

How can I file my ITR-1 Form?

You can file your ITR-1 either offline or through the online process
1) Offline:
The following individuals are eligible to file the return in paper form:
An individual who is 80 years or more at any time during the previous year.
An individual or HUF whose income does not exceed Rs 5 lakhs and who has not claimed any refund in the return of income
For offline use, the return is issued in a physical paper form. At the time of submission you will be provided with an acknowledgement from the Income Tax Department.

2) Online/Electronically:
You would have to transmit data electronically and then submit the verification of the return in the form of ITR-V to CPC.
By filing the return online and e-verifying the ITR-V through net banking/aadhar OTP/EVC. What is the structure of the ITR-1 Form?

The Form of ITR-1 is divided into the following categories:
Part 1: Personal Details of Taxpayers
Part 2: Taxpayer's Gross Total Income
Part 3: Deductions and Taxable Total Income
Part 4: Tax Computation and Tax Status
Schedule IT: Details of Advance Tax and Self Assessment Tax Payments
Scheduled TDS: Details of Tax Deducted at Source
The Major Changes that were introduced in the AY 2020-21 for ITR 1 are:

Individual taxpayers who meet the criteria of (a) incurring expenses above Rs 2 lakh on foreign travel or (b) cash deposits above Rs 1 crore with a bank or (c) electricity expenditure above Rs 1 lakh should also file ITR-1.
ITR-1 can also be filed by Resident individuals who own a single property in joint ownership but the total income should be up to Rs 50 lakh. The amount of the investment or deposits or payments should be separately disclosed by the Taxpayers.

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  • Salary Income Less than Rs. 50 Lakhs
  • Tax Planning
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  • Salary Income more than Rs. 50 Lakhs
  • Tax Planning
  • Multiple Form 16
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  • Salary Income More than Rs. 50 Lakhs
  • Tax Planning
  • Multiple Form 16
  • Rental Income
  • Capital gain or income from share market
  • Live ITR Filing with Video call/zoom/meet
  • Gain from Digital Assets like Crypto

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    The numbers and the capital base defined by the income tax return is helpful for the loan processing. Higher the financial worth, easier the loan processing. The same applies to high-risk cover insurance. The ITR is a considerable document for making decisions in this regard.
    Salaried personnel receive their income after deduction of applicable TDS. It may happen that after eligible deductions, the tax liability is lower than the amount of TDS deducted. In such cases, the excessive payment can be claimed in the form of refund only if ITR is filed by the person.
    Most businesses in their initial years face losses from the business. The business loss or capital losses can be carried forward up to 8 years if the ITR is filed. This loss can also be adjusted against future income that lowers taxable income in the future. If ITR is not filed, the taxpayer is deprived of this benefit.
    The ITR filed with the Government defines the financial worth of the taxpayer. The track of ITR shows the financial capacity and also increases the capital base of a person. Hence, the track value of income and financial worth is decided by the previously filed ITR. Investors and institutions look forward to returns filed to understand the capacity of the business.


Now, the taxpayer gets some time to amend the mistake. The return must be filed within 15 days from the date of receipt of the intimation, as per Section 139(9). This time limit may be extended by the assessing officer (AO) on an application by the assessee. If the defect is not corrected within the stipulated time, then it will be treated as an invalid return. It's the same as not filing a return at all.
If it is found that the actual income exceeds the income declared by the person. Or when no return has been filed despite income exceeding the basic exemption limit. Penalty at 50% of tax payable on such under-reported income shall be payable. 200% of the tax if under-reporting results from misreporting of income.
As per Section 234F of the Income Tax Act, if you file after 31st July (it was extended to 31st August for AY 2019-2020) but before December, a penalty of Rs. 5000 will be levied. For returns filed after December, the penalty will be Rs. 10,000. However, to provide relief to small taxpayers, the IT department has stated a maximum penalty of only Rs. 1,000 will get levied. The condition is that your total income is less than Rs 5 lakh.

FAQs Section

    The Income Tax Department has come up with the following portal www.incometaxindiaefiling.gov.in to file your income tax return.
    For all scenarios, Companies and Firms can use ITR-5, ITR-6, ITR-7.
    If you are an individual then you can file your ITR before 31st July and for Businesses, the ITR file has to be done before 30th September.
    Income details that are entered in the XML file get easily entered automatically in the online Form ITR-1.
    Yes, you can file ITR-1 if you have a house loan.
    No, you do not need to attach documents while filing ITR-1, though keep it handy.
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