belated return

According to Sec 139(4),

If return is not filed within the due date mentioned in Sec 139(1), you can file the belated return within one year from the end of relevant assessment year.

The consequeces of Belated return are:

1. Penal interest u/s 234A

2. Penalty of Rs.5000 may be imposed u/s 271F

3. Losses cannot be carry forwarded

4. Exemption u/s 10A, 10B deductions cannot be claimed, etc

Hence, in your question, you can file the belated return only for the AY 2008-09 in FY 2009-10.

Assessee can file return of income for the A.Y. 2008-09 in the Financial Year 2009-10.

Now if the Income Of Individual Assessee not exceeding, maximum amount  charged to tax than he can file the return of income of Previous Assessment Years as well,Section 271F said that if Assessee is required to file return of income U/s 139(1) and Not Submitted before the end of relevant assessment Year than Assessing Officer MAY impose penalty of Rs. 5000.

So in your case if assessee is filing return of income below taxable limit,than he can file belated return for the A.Y. 08-09 and 09-10