Revised Return for F.Y. 2007-08

Sec 139 (5) states that " If any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier : 

 Therefore in ur case due date 31/03/2010. You can correct errors and modify return and file.

How to know whether assesment by A.O. has been completed Or not.

 Assessment cannot be completed without giving you a notice.

If you have not received any notice that itself means that assessment is not started.

so just file a revised return upto 31-03-2010 correcting all your previous mistakes and there is no compulsion of filing the same ITR.

You can file ITR-2

Regards,

CA RITESH KOTHARI

As clarified above the revised return can be filed by 31.03.2010

It is to be noted that the revised return steps into the shows of the original return and will be cansidered as if it had been filed as on the date on which the original return was filed.