LawgistThe Micro, Small and Medium Enterprises Development Act
23Interest not to be allowed as deduction from income
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.
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DELAYED PAYMENTS TO MICRO AND SMALL ENTERPRISES
- 15 Liability of buyer to make payment
- 16 Date from which and rate at which interest is payable
- 17 Recovery of amount due
- 18 Reference to Micro and small Enterprises Facilitation Council
- 19 Application for setting aside decree, award or order
- 20 Establishment of Micro and Small Enterprises Facilitation Council
- 21 Composition of Micro and Small Enterprises Facilitation Council
- 22 Requirement to specify unpaid amount with interest in the annual statement of accounts
- 23 Interest not to be allowed as deduction from income
- 24 Overriding effect
- 25 Scheme for closure of business of micro, small and medium enterprises
