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Revenue stamp on above rs 5000/- cash payment (Income Tax)

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This query is : Resolved



( Author )
24 April 2012

Dear all,
Kindly explain, in which section of Income Tax Act or any other law, there is require to fixxed the revenue stamp on above Rs 5000/- cash payment on my email id ramji_fzd@rediffmail.com.


rgrds,
ram


CA PARAS BAFNA

( Expert )
24 April 2012

It is payable under the Payment of Stamp Duty Act. You may know even more by reading this beautiful article -


http://uttardayee.freewebspace.com/AccountAble_India/34%20-%20Revenue%20Stamps%20_Revised%20Mar%2005_.pdf


Ram Ji Srivastava

( Author )
25 April 2012

Thanks a lot, Paras Sir for your valuable view.

regards,
ramji


Ram Ji Srivastava

( Author )
25 April 2012

Dear Paras Sir,

Good Morning

Pls also advice me that is it not requirment of Income Tax Act. If not so why it important in Tax Audit View.

Regards,
Ram Ji Srivastava


Ram Ji Srivastava

( Author )
25 April 2012

Dear Sir,

Good Morning

Pls also advice me that is it not requirement of Income TAx Act. If not so why it important in Tax Audit View.

Regards,
Ram Ji


CA PARAS BAFNA

( Expert )
25 April 2012

A payment transaction is authenticated by affixing a Revenue Stamp as per the legal requirement. Being auditors, we have to verify that the legal format of transaction is whether adhered to by the Auditee or not.
In case stamp is not found affixed, the mistake can be ratified by affixing proper stamp.


Ram Ji Srivastava

( Author )
25 April 2012

Once against thanx sir...


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