filing of return

yes both these returns can be filed as the deadline is 1 year from the end of the A.Y..

sunil

wht is deadline for fy 2007-08

31.03.2010

sunil

return for f/y 2008-09 can be filed upto 31.03.2010 without any penalty but for f/y 2007-08 it can be filed upto only 31.03.2010 however a penalty of rs 5000 can be levied by AO u/s 271F for not filing of return upto end of relevant A/y i.e 31.03.2009

2007-08            upto 31.03.10

2008-09            upto  31.03.11

He can file return for both year.

due date of filing return is 31st july or 30th sept if its company or covered under tax audit.... of the assessmmetn year...

If return is not filled within said due date it can be filed after due date i.e. belate return... within 1 year from the end of a.y.

Further if u file belated return then u cannot carryforward losses of that year except losses of houseproperty and depreciation loss...

hence in your case...

For F.Y. 2007-08 : due date is 31.07.2008

For F.Y. 2008-09 : due date is 31.07.2009

belated return :

For F.Y. 2007-08 : A.Y. 2008-09,  1 year from the end of 31.03.2009 i.e. 31.03.2010

For F.Y. 2008-09 : A.Y. 2009-10, 1 year from the end of 31.03.2009 i.e. 31.03.2011

but the most inportant is if you dont file retun before the end of assessment year

and if u hv tax liability then u will be stuck with the penalty u/s 271F of Rs. 5000 fixed....

if u require any explanation plz let me knw....

thanx megha..u hav cleared all d doubts..

thanks all of you for sharing