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Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993

[32 of 1993, dated 2nd. April, 1993]

Contents

Sections

Particulars
1

Short title, extent and commencement

2

Definitions

3

Liability of buyer to make payment

4

Date from which and rate at which interest is payable

5

Liability of buyer to pay compound interest

6

Recovery of amount due

7

Appeal

8

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

9

Interest not to be allowed as deduction from income

10

Overriding effect

11

Repeal and saving

An Act to provide for and regulate the payment of interest on delayed Payments to small scale and ancillary industrial undertakings and for matters connected therewith or incidental thereto.

Comment: This Act has been enacted inter-alia to provide for and regulate the payment of interest on delayed Payments to small scale and ancillary industrial undertaking.

Be it enacted by Parliament in the Forty-fourth year of the Republic of India as follows: -



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