Foreign money taxable?

Ofcourse it is taxable.

Get a tax consultant to work out your tax liabilities. Just not worth the headaches (yes, a jail term is very likely, so why risk it?) associated with non-payment of taxes. 

You have not stated a few facts on the nature & constitution of your business entity, deduction of tax at source on the remittances sent to you and do you have any other income apart from the one you receive from UK & US?

FIrstly, Yes this money is taxable.

Second, Being a good citizen of India you don't have to delay in paying taxes, but if you are ready to pay penal interest @1% p.m. you can delay it: a. till 31st march 2012 (For A.Y. 2011-12) or b. Issue of notice to file ITR, from Assessing Officer.

your query is not very clear to me:

1. whether its all you income what you receive or you receive it on behalf or ur clients or you pass through this amount?

2. what is your residential status? are your Resident of India or Resident outside India if outside then how long you are staying.

3. you can file your tax return anytime after due date along with Interst and Penality  but it should be on or before end of FY following to the reelvant AY.

such type of peculiar cases must be consulted wiht practicing CA whom you can  discuss all the intircacies. This is not the right forum all you can get the fair idea not the proper solution. 100 ppl would reply with 100 opinions.