Section 23 of MSMED Act, 2006: Interest not to be allowed as deduction from income

The Micro, Small and Medium Enterprises Development Act, 2006

Chapter-V Delayed Payments to Micro and Small Enterprises

Section 23: Interest not to be allowed as deduction from income.

23. 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.


 


Access complete Bare Act here and Notification and Circular here.

IBC Laws specifically does not make any warranties or representations as to the accuracy, completeness or adequacy of any such Material or the same being up-to-date. IBC Laws periodically updates the Material on this Site whenever amendments are made by Parliament. Refer disclaimer here.