You can file your ITR for the F.Y. 2007-2008 before 31st March 2009. No panelty arise on non filing of ITR. If failed before 31st March 2009, then you attrach Rs. 5000/- panelty of Non-filing of ITR in time. So without fear you can file ITR in August. I also suggest you that You can file ITR through efling also and you have to get 15 days more time i.e. 15th August 2008 for filed your acknowledgement in your base city
