The Micro, Small and Medium Enterprises Development Act

Liability of buyer to make payment

Date from which and rate at which interest is payable

Recovery of amount due

Reference to Micro and small Enterprises Facilitation Council

Application for setting aside decree, award or order

Establishment of Micro and Small Enterprises Facilitation Council

Composition of Micro and Small Enterprises Facilitation Council

Requirement to specify unpaid amount with interest in the annual statement of accounts

Interest not to be allowed as deduction from income

Overriding effect

Scheme for closure of business of micro, small and medium enterprises


DELAYED PAYMENTS TO MICRO AND SMALL ENTERPRISES


Notwithstanding anything contained in
the Income-tax Act, 1961 (43 of 1961), the amount of interest payable or paid by any buyer, under or in
accordance with the provisions of this Act, shall not, for the purposes of computation of income under the
Income-tax Act, 1961, be allowed as deduction.


LAWGIST

# 23 Interest not to be allowed as deduction from income