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of <h1>Circular Highlights Non-Deductibility of Interest on Delayed Payments u/s 9 of 1993 Act for Tax Compliance.</h1> The circular addresses the provisions of the Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993, specifically section 9, which disallows the deduction of interest paid or payable by buyers to suppliers from their income under the Income Tax Act. The directive emphasizes that Assessing Officers should be aware of this provision to ensure its effective implementation. The notice aims to clarify that such interest should not be deducted when computing the total income of the buyer, reinforcing compliance with the existing legislation.
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