Interest on self assessment tax

if you are having tax liability by more than Rs. 10000, then you will be charged Interest u/s 264B & C and this has to be paid before filing Return along with Self Assessment Tax..

Int is equal to 1% pm of Tax Liability

For better calculation, you can download ITR 1 or else, put your particulars and click on calculate tax liability.. It will calculate everything automatically....

For you reference I am attaching calculation sheet that I made for self... :)

you can edit colored cell (password 1234) .... :)

Your transaction will arract provisions of 234B & C if liability is more than 10000 rs. it will be calculated for  1st apr.11 to july 11 if u will deposite tax in this month. rate will be 1.5% per month or any part there of.