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Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993 Preamble 1

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

State: Central

Year: 1993

THE INTEREST ON DELAYED PAYMENTS TO SMALL SCALE AND ANCILLARY INDUSTRIAL UNDERTAKINGS ACT, 1993 [Act, No. 32 of 1993] [2nd April, 1993] PREAMBLE An Act to provide for and regulate the payment of interest on delayed Payments to small scale and ancillary industrial undertakings and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Forty-fourth Year of the Republic of India as follows:--

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.....

Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993 Section 1

Title: Short Title, Extent and Commencement

State: Central

Year: 1993

(1) This Act may be called the Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993. (2) It extends to the whole of India, except the State of Jammu and Kashmir. (3) It shall be deemed to have come into force on the 23rd day of September, 1992.

Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993 Section 2

Title: Definitions

State: Central

Year: 1993

..... In this Act, unless the context otherwise requires,-- (a) "ancillary industrial undertaking" has the meaning assigned to it by clause (aa) of section 3 of the Industries (Development and Regulation) Act, 1951 (65 of 1951); (b) "appointed day" means the day following immediately after the expiry of the period of thirty days from the day of acceptance or the day of deemed acceptance of any goods or any services by a buyer from a supplier; Explanation.--For the purposes of this clause,-- (i) "the day of acceptance" means,-- (a) the day of the actual delivery of goods or the rendering of services; or (b) where any objection is made in writing by the buyer regarding acceptance of goods or services within thirty days from the day of the delivery of goods or the rendering of services, the day on which such objection is removed by the supplier; (ii) "the day of deemed acceptance" means, where no objection is made in writing by the buyer regarding acceptance of goods or services within thirty days from the day of the delivery of goods or the rendering of services, the day of the actual delivery of goods or the rendering of services; (c) "buyer" means whoever buys any.....

Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993 Section 11

Title: Repeal and Saving

State: Central

Year: 1993

(1) The Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Ordinance, 1993 (Ord. 4 of 1993) is hereby repealed. (2) Notwithstanding such repeal, anything done 01 any action taken under the Ordinance so repealed shall be deemed to have been done or taken under the corresponding provisions of this Act.

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 Section 10

Title: Over-riding Effect

State: Central

Year: 1993

The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force.

Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993 Section 9

Title: Interest Not to Be Allowed as Deduction from Income

State: Central

Year: 1993

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.

Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993 Section 8

Title: Requirement to Specify Unpaid Amount with Interest in the Annual Statement of Accounts

State: Central

Year: 1993

Where any buyer is required to get his annual accounts audited under any law for the time being in force, such buyer shall specify the amount together with the interest in his annual statement of accounts as remains unpaid to any supplier at the end of each accounting year.

Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993 Section 7C

Title: Laying of Rules Before State Legislature

State: Central

Year: 1993

1[7C. Laying of rules before State Legislature Every notification issued and every rule made by the State Government under this Act shall be laid, as soon as may be after it is issued or made, before the State Legislature.] ______________________ 1. Inserted by Act 23 of 1998, sec. 6 (w.e.f. 10-8-1998).