DevanovaQuick tool · for small suppliers and buyers
PayChase
Work out the interest owed on a late payment to a small supplier.
If you supply goods or services to a business and they pay late, the law may entitle you to interest. If you are the buyer, late payment can also cost you the tax deduction.
Amount, delivery date and whether there is a written agreement.
Today, or the date it was actually paid.
Due date, days late and interest under the rule, plus a warning for buyers.
PayChase
Work out the interest owed on a late payment to a small supplier.
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About PayChase
Who it is for, and common questions.
Who it is for. Small suppliers waiting for payment, and buyers who want to avoid losing a tax deduction.
Who can claim this interest?
Micro and small suppliers registered on Udyam that make goods or provide services. Medium enterprises, traders and unregistered suppliers are outside the rule.
What is Section 43B(h)?
Since 1 April 2024, a buyer can claim a deduction for a payment to a micro or small supplier only in the year it actually pays, if it pays after the 15 or 45 day limit. A CA can tell you how it applies to you.
Can I send this as a demand?
Use it to start the conversation. For a formal demand or a claim, ask a CA or a lawyer to check the figures and the notice.
What does it cost?
It costs nothing to use. Everything runs in your browser and your entries stay on your device.
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