Provisions of Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertaking Act, 1993 - Interest not to be allowed as deduction from income - regarding.
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Interest Deduction Prohibition: interest paid under the Act for delayed payments to small scale suppliers is nondeductible for tax purposes. Section 9 provides that interest payable or paid by a buyer to a supplier under the Act shall not be allowed as a deduction in computing the buyer's total income for income tax purposes; assessing officers are instructed to note and apply this statutory prohibition when assessing income.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest Deduction Prohibition: interest paid under the Act for delayed payments to small scale suppliers is nondeductible for tax purposes.
Section 9 provides that interest payable or paid by a buyer to a supplier under the Act shall not be allowed as a deduction in computing the buyer's total income for income tax purposes; assessing officers are instructed to note and apply this statutory prohibition when assessing income.
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