Bare Act Search Results

Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993 Section 5

Title: Liability of Buyer to Pay Compound Interest

State: Central

Year: 1993

Notwithstanding anything contained in any agreement between a supplier and a buyer or in any law for the lime being in force, the buyer shall be liable to pay compound interest (with monthly rests) at the rate mentioned in section 4 on the amount due to the supplier.

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

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

State: Central

Year: 1993

Preamble1 - INTEREST ON DELAYED PAYMENTS TO SMALL SCALE AND ANCILLARY INDUSTRIAL UNDERTAKINGS ACT, 1993 Section1 - Short title, extent and commencement Section2 - Definitions Section3 - Liability of buyer to make payment Section4 - Date from which and rate at which interest is payable Section5 - Liability of buyer to pay compound interest Section6 - Recovery of amount due Section7 - Appeal Section7A - Establishment of Industry Facilitation Council Section7B - Composition of Industry Facilitation Council Section7C - Laying of rules before State Legislature Section8 - Requirement to specify unpaid amount with interest in the annual statement of accounts Section9 - Interest not to be allowed as deduction from income Section10 - Over-riding effect Section11 - Repeal and saving

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

State: Central

Year: 1993

.....Small Industries Development Corporation of a State or a Union territory, by whatever name called, being a company registered under the Companies Act, 1956 (I of 1956) ] SECTION 03: LIABILITY OF BUYER TO MAKE PAYMENT Where any supplier supplies any goods or renders any services to any buyer, the buyer shall make payment therefor on or before the date agreed upon between him and the supplier in writing or, where there is no agreement in this behalf, before the appointed day.2["Provided that in no case the period agreed upon between the supplier and the buyer in writing shall exceed one hundred and twenty days from the day of acceptance or the day of deemed acceptance."] SECTION 04: DATE FROM WHICH AND RATE AT WHICH INTEREST IS PAYABLE 3Where any buyer fails to make payment of the amount to the supplier, as required under Section 3, the buyer shall, notwithstanding anything contained in any agreement between the buyer and the supplier or in any law for the time being in force, be liable to pay interest to the supplier on that amount from the appointed day or, as the case may be, from the date immediately following the date agreed upon, at one-and-a-half time of Prime Lending.....

Bombay Money-lenders Act, 1946, (Maharashtra) Section 25

Title: Limitation on Rates of Interest

State: Maharashtra

Year: 1946

.....written demand or charges or receives] from a debtor interest at rate exceeding the maximum rate fixed by the1 [State] Government under sub-section (1) he shall, for the purposes of section 34, be deemed to have contravened the provisions of this Act.] _____________________ 1. Substituted for the word "Provincial" by the Adaptation of Laws Order, 1950. 2. This proviso was deleted byBom. 13 of 1951, s.11. 3. Sub-section (1A) was inserted byMah. 76 of 1975, s. 13(a), 4. This was substituted for the word "Provincial" by the Adaptation of Laws Order, 1950. 5. Substituted by the Adaptation of Laws Order, 1950, s.13(b). 6. Sub-section (3) was added byBom. 57 of 1949, s.4. 7. Substituted byBom. 50 of 1959, s.4(n).

Micro, Small and Medium Enterprises Development Act, 2006 Section 16

Title: Date from Which and Rate at Which Interest is Payable

State: Central

Year: 2006

Where any buyer fails to make payment of the amount to thesupplier, as required under section 15, the buyer shall, notwithstandinganything contained in any agreement between the buyer and the supplier or in anylaw for the time being in force, be liable to pay compound interest with monthlyrests to the supplier on that amount from the appointed day or, as the case maybe, from the date immediately following the date agreed upon, at three times ofthe bank rate notified by the Reserve Bank.

Interest Tax Act, 1974 Section 12

Title: Interest for Default in Furnishing Return of Chargeable Interest

State: Central

Year: 1974

.....re-assessment exceeds the interest-tax on chargeable interest on the basis of earlier assessment aforesaid. (4) Where, as a result of an order under section 15 or section 17 of this Act or section 254 or section 260 or section 262 of the Income-tax Act, as applicable to this Act by virtue of section 21 of this Act, the amount on which interest was payable under sub-section (1) or sub-section (3) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and-- (i) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable and such notice of demand shall be deemed to be a notice under section 156 of the Income-tax Act as applicable to this Act by virtue of Section 21, and the provisions of this Act shall apply accordingly; (ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded. (5) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1992 and subsequent years.

Interest Tax Act, 1974 Section 12A

Title: Interest for Default in Payment of Interest-tax in Advance

State: Central

Year: 1974

.....on the basis of assessment under sub-section (2) or, as the case may be, sub-section (3) of section 8. (4) Where, as a result of an order under section 15 or section 17 of this Act or section 254 or section 260 or section 262 of the Income-tax Act as applicable to this Act by virtue of section 21 of this Act, the amount on which interest was payable under sub-section (1) or sub-section (3) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and-- (i) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable and such notice of demand shall be deemed to be a notice under section 156 of the Income-tax Act as applicable to this Act by virtue of section 21 of this Act, and provisions of this Act shall apply accordingly; (ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded. (5) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1992 and subsequent assessment years.

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Chapter III

Title: Enforcement of Security Interest

State: Central

Year: 2002

.....management of the business of the borrower shall be entitled to any compensation for the loss of office or for the premature termination under this Act of any contract of management entered into by him with the borrower. (2) Nothing contained in sub-section (1) shall affect the right of any such managing director or any other director or manager of any such person in charge of management to recover from the business of the borrower, moneys recoverable otherwise than by way of such compensation. Section 17 - Right to appeal (1) Any person (including borrower), aggrieved by any of the measures referred to in sub-section (4) of section 13 taken by the secured creditor or his authorised officer under this Chapter,1[may make an application along with such fee, as may be prescribed,] to the Debts Recovery Tribunal having jurisdiction in the matter within forty-five days from the date on which such measure had been taken. 2["Provided that different fees may be prescribed for making the application by the borrower and the person other than the borrower. Explanation- For the removal of doubts, it is hereby declared that the communication of reasons to the borrower by the.....

Evacuee Interest Separation Act 1951 [Repealed] Chapter II

Title: Separation of Evacuee Interest in Composite Property

State: Central

Year: 1951

.....or the claimant the amount payable under the mortgage debt and redeem the mortgaged property; or (ii) sell the mortgaged property for satisfaction of the mortgage debt and distribute the sale proceeds thereof; or (iii) partition the property between the mortgagor and the mortgagee having regard to the share to which the mortgagee would be entitled in lieu of his claim; (c) adopt a combination of all or some of the aforesaid measures: Provided that before taking any measure under this section, the competent officer shall take into account the order of preference filed by the claimant under clause (f) of sub-section (2) of section 7; and in any case where the claimant is a mortgagor and tenders the amount due, the competent officer shall accept the same in full satisfaction of the mortgage debt. Section 11 - Vesting of evacuee interest in the Custodian free from encumberances and payments, etc., to be valid discharge from all claims (1) Where in respect of any property, notice under section 6 is issued but no claim is filed or found to exist or where any claim in respect of such property is found to exist and the competent officer separates the evacuee interest.....

Interest Tax Act, 1974 Complete Act

Title: Interest Tax Act, 1974

State: Central

Year: 1974

.....of chargeable interest Section14 - Opportunity of being heard Section15 - Appeals to the Appellate Assistant Commissioner Section15A - Omitted Section16 - Appeals to Appellate Tribunal Section17 - Rectification of mistakes Section18 - Interest-tax deductible in computing total income under, the Income-tax Act Section19 - Revision of order prejudicial to revenue Section20 - Revision of orders by Commissioner Section21 - Application of provisions of Income-tax Act Section22 - Income-tax papers to be available for the purposes of this Act Section23 - Failure to comply with notices Section24 - False statements Section25 - Willful attempt to evade tax, etc Section26 - Abetment of false returns, etc Section26A - Offences by credit institutions Section26B - Institution of proceedings and composition of offences Section26C - Power of credit institutions to vary certain agreements Section27 - Power to make rules Section28 - Power to Exempt Section29 - Power to remove difficulty Section30 - [Repealed]