Bare Act Search Results

Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993 Section 4

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

State: Central

Year: 1993

Section 4 - Date from which and rate at which interest is payable 1 [4. Date from which and rate at which interest is payable Where 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 Rate charged by the State Bank of India. Explanation.--For the purposes of this section, "Prime Lending Rate" means the Prime Lending Rate of the Stale Bank of India which is available to the best borrowers of the bank.] ______________________ 1. Substituted by Act 23 of 1998, sec. 4, for Section 4 (w.e.f. 10-8-1998).

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.....

Disputed Elections (Prime Minister and Speaker) Act, 1977 Preamble 1

Title: Disputed Elections (Prime Minister and Speaker) Act. 1977

State: Central

Year: 1977

THE DISPUTED ELECTIONS (PRIME MINISTER AND SPEAKER) ACT, 1977 [Act, No. 16 of 1977] [18th April, 1977] PREAMBLE An Act to provide for Authorities to deal with disputed elections to Parliament in the case of Prime Minister and Speaker of the House of the People and for matters connected therewith. BE it enacted by Parliament in the Twenty-eighth Year of the Republic of India as follows :--

Disputed Elections (Prime Minister and Speaker) Act, 1977 Complete Act

Title: Disputed Elections (Prime Minister and Speaker) Act, 1977

State: Central

Year: 1977

.....seat claimed Section16 - Decision of the Authority Section17 - Other orders to be made by the Authority Section18 - Grounds for declaring election to be void Section19 - Grounds for which a candidate other than the returned candidate may be declared to have been elected Section20 - Communication of orders of the Authority Section21 - Costs Section22 - Orders of Authority to be final Section23 - Effect of orders of Authority Chapter V Section24 - Withdrawal and abatement of petitions Section25 - Payment of costs out of security deposits and return of such deposits Section26 - Execution of orders as to costs Section27 - Power to make rules Section28 - Repeal and saving

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.

Banking Regulation Act, 1949, (Maharashtra) Section 21A

Title: Rates of Interest Charged by Banking Companies Not to Be Subject to Scrutiny by Courts

State: Maharashtra

Year: 1949

.....Agriculturists Relief Act, 1938 Andhra Bank Ltd. v. Banu Narasamma (1988) 63 Comp. Cases 210 (AP). This section is a restraint on the power of the court to reopen any account maintained by the bank relating to transactions with its customers on the ground that the rate of interest charged is excessive or unreasonable. If it is proved that the interest charged on loans advanced is not in conformity with that prescribed by the Reserve Bank of India, the Court can disallow such excess interest rate and may grant relief to the party. Bank of India v. Karnam Ranga Rao. (1988) 64 Comp. Cases 477 (Kar.). _______________________ 1. Inserted by Act 1 of 1984 section 24 (w.e.f. 15.2.1984).

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.

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 Act, 1978 Section 3

Title: Power of Court to Allow Interest

State: Central

Year: 1978

.....satisfied that there are special reasons why no interest should be given in respect of those damages. (3) Nothing in this section,-- (a) shall apply in relation to-- (i) any debt or damages upon which interest is payable as of right, by virtue of any agreement; or (ii) any debt or damages upon which payment of interest is barred, by virtue of an express agreement; (b) shall affect-- (i) the compensation recoverable for the dishonour of a bill of exchange, promissory note or cheque, as defined in the Negotiable Instruments Act, 1881 (26 of 1881); or (ii) the provisions of rule 2 of Order II of the First Schedule to the Code of Civil Procedure, 1908 (5 of 1908); (c) shall empower the court to award interest upon interest.

Interest Tax Act, 1974 Section 12B

Title: Interest for Deferment of Interest-tax Payable in Advance

State: Central

Year: 1974

(1) Where in any financial year, the assessee who is liable to pay interest-tax in advance under section 11 has failed to pay the interest-tax and where such tax paid by the assessee on his chargeable interest on or before the 15th day of September is less than twenty per cent of the interest-tax due on the returned chargeable interest or the amount of such interest-tax paid on or before the 15th day of December is less than fifty per cent. of the tax due on the returned chargeable interest then, the assessee shall be liable to pay simple interest at the rate of one and one-half per cent. per month of the shortfall for a period of three months on the amount of shortfall from twenty per cent. or; as the case may be, fifty per cent. of the interest-tax due on the returned chargeable interest. (2) 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.