Interest not to be allowed as deduction from income
Section 23 of the Micro, Small and Medium Enterprises Development Act, 2006 deals with 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. The Act came into force on 02 Oct 2006.
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.
Section 23, The Micro, Small and Medium Enterprises Development Act, 2006 (Act 27 of 2006).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Made under this section, and citing it
3 instruments name this provision in its title or its text without being made under it.
- SO 961Notification 2009
- In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Govt., hereby makes the following further alterations in Schedule III (hereinafter referred to as said Schedule) to the said Act, namely.Rule 2015
- Amendment in the Schdule VI of the Companies Act, 1956 (1 of 1956)Rule 2007
Questions about Section 23
What does Section 23 of the Micro, Small and Medium Enterprises Development Act deal with?
Section 23 of the Micro, Small and Medium Enterprises Development Act is headed "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.
How do I find court cases under Section 23 of the Micro, Small and Medium Enterprises Development Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Micro, Small and Medium Enterprises Development Act 23, section 23 Micro, Small and Medium Enterprises Development Act, section 23 of the Micro, Small and Medium Enterprises Development Act. People searching for it also type section 23 of micro small and medium enterprises. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 23 of the Micro, Small and Medium Enterprises Development Act, and has it changed?
2 other provisions in this corpus refer back to it. 3 instruments name it without being made under it, most recently SO 961 (2009), then In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Govt., hereby makes the following further alterations in Schedule III (hereinafter referred to as said Schedule) to the said Act, namely. (2015).
When did Section 23 of the Micro, Small and Medium Enterprises Development Act come into force?
Section 23 of the Micro, Small and Medium Enterprises Development Act, cited as Micro, Small and Medium Enterprises Development Act 23, came into force on 02 Oct 2006, having been enacted on 16 Jun 2006. It is in force as at the date shown on this page.
Other sections of this Act
- 3. Establishment of Board885 words
- 7. Classification of enterprises763 words
- 2. Definitions619 words
- 8. Memorandum of micro, small and medium enterprises349 words
- 29. Power to make rules313 words
- 18. Reference to Micro and small Enterprises Facilitation Council290 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 15 Oct 2026. This page is not a substitute for legal advice.