Interest Rate on balance tax

If you file income tax return before 31st July, following interests may be applicable.

1. u/s 234B: If pending tax payment is less than Rs 10000, no interest is payable. But it its more than 10000, 1% per month for 4 months = 4%(April-July, considering income tax is paid in July) will be payable on pending tax amount.

2. u/s 234C: If pending tax payment is less than Rs 10000, no interest is payable. But it its more than 10000, sum of following amounts will be payable:
   a. 3% of (30% of pending tax - self advance tax paid by 15th Sept, 2010)
   b. 3% of (60% of pending tax - self advance tax paid by 15th Dec, 2010)
   c. 1% of (100% of pending tax - self advance tax paid by 15th March, 2011)