Filing of return for Ay 07-08 & 08-09 are time barred and hence cannot be filed now. Returns for these years can only be filed if youy receive notice from IT department to file the same.
According to Section 139(4) a return can be filed within the assessment year failing which it can be filed in next assessment year. After that it becomes time barred and can only be filed on receipt of notice under section 142(1). As regards penalty u/s 271F is concerned it is at the leviable at the discretion of the officer and not that any one can pay 5000 and file IT return for any year of his choice.
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