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taxability

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(Querist)
11 January 2008 Under Micro,small and medium enterprises Developement Act,2006, a supplier is entitled to interest in case of delayed payment irrespective of agreement between supplier and customer.Whether such interest can be considered to have accrued as income liable to tax under income tax act, 1961, although no such interest is claimed or allowed or expected to be claimed or allowed.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
15 January 2008 The interest income accrues only if the same is claimed and admitted.
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