I was in US for 330 days in 2010. Will I be considered a resident alien? And need to file a 1040 form? Instead of 1040 NR? WHat is the application of the tax treaty between India and US in my situation?

It depends on HOW LONG you have been in the U.S. under your J-1 visa and what type of J-1 (student, trainee/intern or researcher/teacher) visa it is.

Answer those questions and I can give some decent guidance.