Act Number: 27

Act Name: The Micro, Small and Medium Enterprises Development Act, 2006

Year: 2006

Enactment Date: 2006-06-16

Long Title: An Act to provide for facilitating the promotion and development and enhancing the competitiveness of micro, small and medium enterprises and for matters connected therewith or incidental thereto.

Ministry: Ministry of Micro, Small and Medium Enterprises

Department:

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