Missed tax file for ay 2010-11

Hello All,

I forgot to file my tax returns for the AY 2010-2011 as I didn't get my Form 16 from my employer till June 2010. I went onsite in the month of July 2010 and came back to India in Feburary 2011. I could recall that I didn't file last year (2009-10) only when my employer was issuing the Form 16 for current AY 2011-2012. I was given the Form 16 for both the years on August 4th 2011, which means I had to file my returns late. I just filed for this year (2011-12) and wondering what should I do for last year. I read in some blog saying there would be a penalty for filing the returns after completing the assessment year, and some blogs say the penalty will be waived if the reason is valid.

I have 0 tax for the year 2010-11. One of my friend said, if my salary is less than 5L per annum, I don't need to file. Should I file my tax returns for the year 2010-11? Kindly suggest.

Thanks,

Uday