Please Advice - Very Urgent

Return of income for FY 2008-09 can be filed now as a belated return for all the classes of assessees.

The last date for filing belated ROI for FY 2007-08 was 31/03/2010. It is now time barred and hence cannot be filed voluntarily.

You will require to file it if you receive a notice u/s. 142(1) from IT

Rachit,

Thanks for your reply.

We are planning to buy a property in June but IT is not filed. Is it possible to pay tax including penality 07-08. Since we need to show source of income.