SectionsParticulars
1Short title, extent and commencement
(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 Indi...
2Definitions
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 I...
3Liability 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 hi...
4Date 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 a...
5Liability of buyer to pay compound interest
Notwithstanding anything contained in any agreement between a supplier and a buyer or in any law for the time being in force, the buyer shall be liable to pay...
6Recovery of amount due
The amount due from a buyer, together with the amount of interest calculated in accordance with the provisions of sections 4 and 5 shall be recoverable by the...
7Appeal
No appeal against any decree, award or other order shall be entertained by any Court or other Authority unless the appellant (not being a supplier) has deposi...
8Requirement to specify unpaid amount with interest in the annual statement of accounts
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 in...
9Interest not to be allowed as deduction from income
Notwithstanding anything contained in the Income Tax Act, 1961, the amount of interest payable or paid by any buyer, under or in accordance with the provision...
10Overriding effect
The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force. ...
11Repeal and saving
The Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Ordinance, 1993 (Ordinance 4 of 1993) is hereby repealed. Notwithstandin...
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