Applicability of fixation of revenue stamps on money receip

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 March 2012 SIR,

KINDLY TELL ME THE PROVISION OF APPLICABILITY OF STAMP ACT FOR FIXATION OF REVENUE STAMP IN THE FOLLOWING CONDITIONS :
1. IF A COMPANY RELEASE TO ITS EMPLOYEE A TEMPORARY ADVANCE FOR PURCHASE OF MISC, ITEMS. ON THE RECEIPT OF SUCH ADVANCE WHETHER THE EMPLOYEE HAS TO PAY/FIX REVENUE STAPM?
2. FURTHER, ABOVE SAID EMPLOYEE PURCASHE MISC. ITEMS AND MAKE PAYMENT FOR SUCH PURCHASES.VENDER ISSUE HIM INVOICE/BILL AND MARKED "RECEIVED OF RS....." OR ISSUE A RECEIPT FOR SUCH PAYMENT. ON THE RECEIPT OF SUCH RECEIPT WHETHER THE VENDOR HAS TO PAY/FIX REVENUE STAPM?
3.IF ANY PERSON WHO MAKE PURCHASE SUCH AS CLOTH, GROSSERY, VEGITABLE, FRUIT ETC. AND MAKE A PAYMENT TO VENDOR AN AMOUNT EXCEEDING RUPEES HUNDRED AGAINST WHICH VENDOR ISSUE A BILL/INVOICE AND ALSO EITHER MARK THE RECEIPT OF AMOUNT ON THE BILL OR ISSUE A RECEIPT. WHETHER, VENDOR SHOULD A FIX THE REVENUE STAMPS OF RUPEES TWO OR GENERAL PURCHASE LIKE ABOVE ARE EXEMPTED UNDER THIS ACT?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 March 2012 Please see the relevant rules given below.

Section 2(23) of the Indian Stamp Act,1899 makes it mandatory for affixing of stamp on any receipt as defined therein above Rs 5000/-

"Receipt" includes any note, memorandum or writing-
(a) whereby any money, or any bill of exchange, cheque or promissory note is acknowledged to have been received, or
(b) whereby any other movable property is acknowledged to have been received in satisfaction of a debt, or
(c) whereby any debt or demand, or any part of a debt or demand, is acknowledged to have been satisfied or discharged, or
(d) which signifies or imports any such acknowledgment;
and whether the same is or is not signed with the name of any person "

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