No You Can File Your Return with in 2 Year from ending the Previous Year and you can also claim refund in return.

For Example: For the Previous Year 31-03-2011

You Can File Your Return on or before 31-03-2013

As Manal said you can file be-lated return,however if you wish to carry forward any loss except loss from House Property,then it's mandatory to file return by due date..

A tax refund or tax rebate is a refund on taxes when the tax liability is less than the taxes paid. Taxpayers can often get a tax refund on their income tax .