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return filing

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(Querist)
08 October 2009 plz guide me,
i want to file the return of 2007-08(p.y) relevant to the assessment year 2008-09, in the year 2009-10. can i file it if the return is of nil income, or if the return have some tax liability then how much the amount should be including interest.
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Ratan Sharma

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Ratan Sharma (Expert)
10 October 2009 You can file the return for the P.Y.2007-08 on or before 31/3/2010. Yes you can file NIL tax return also.
How much interest will be payable will depend on your tax liability.
If the tax liability is below Rs. 5000/- then the interest @ 1% p.m. will be payable from the due date of return upto the month of filing of return. If tax liability exceeds Rs. 5000/- then interest u/s. 234(b0 & 234(c) will be applicable.
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