Non submission of revised Return

Hello,

1) I am a salaried person with only income from Salary. For Assessment year 2007-08 (FY 2006-07) I received TDS certificate from my employer for Rs. 54,000/- with Refund mentioned as 8000/- on 17-July 2007

2) I submitted my IT Return on 31-July 2007 based on TDS certificate.

3) In Sep-Oct 2007 my employer issued a revised TDS certificate, mentioning some concern in the calculation of my salary. In this TDS certificate Tax deduction was mentioned as 58000/- and refund applicable as 2000/-

4) I was not aware that I require to submit a revised IT Return also, and hence I did not.

5) Nor I received any refund from ITax deptt.

6) Recently my employer enquired about submission of revised Return.

7) There is no query raised till dae from ITax dept to me.

What is the provision that I can correct this. Can I submit this revised return now (I have submitted IT Return in 2008 also for Ass Yr 2008-09/Fin Yr 2007-08, and this has no issues).

What is the implication and process for late filing. To repeat myself I have no payable towards Income Tax dept, as TDS was deducted from my salary and no refund is paid to me by deptt till date.

Thanks in advance....