Income Tax Return for the F.Y. 15-16 (1st April 2015 to 31st March 2016) can be filed before 30th September 2016 as regular return without any penalty. Even Return for F.Y. 14-15 can also be filed up to 31st March 2017 as belated return but you may receive a notice for penalty . If there was a loss in the financial year 14-15, the same cannot be carried forward as the return is now delayed. If in any years there was a profit, you need to pay tax before you file the return. Generally you may require a help from a knowledgeable accountant to prepare financial statements before you prepare a return since all the information in the financial statements is required to be filled up in the return.