Revenue Stamp
This query is : Resolved
15 April 2008
Will the provision of revenue stamp attract on advance payments?
15 April 2008
THE DUTY IS CAST ON THE PERSON MAKING PAYMENT TO AFFIX REVENUE STAMP BECAUSE IN THE AUDIT OF THE PAYER'S BOOKS , THE LAPSE WILL BE POINTED OUT.
R.V.RAO
R.V.RAO
15 April 2008
What is the limit for affixing revenue stamps on voucher and what are nature of payments for which revenue stamps are required to be affixed viz. reimbursement of expenses on production of bills/supportings?
16 April 2008
The duty to be paid for every transaction is depend on the respective revenue act of the state.
and the transaction also depends.
In general the if you pay 5000 as cash payment of a direct or indirect expense then you have to affix Re. 1 revenue stamp on that.
and as per IT you can not pay more then 20K in cash.
therefore the limit is 5001 to 20000 where you should pay a duty of Re. 1 for every transaction.
There are some exemptions in every states act and for that you should check on the respective web portal.
and the transaction also depends.
In general the if you pay 5000 as cash payment of a direct or indirect expense then you have to affix Re. 1 revenue stamp on that.
and as per IT you can not pay more then 20K in cash.
therefore the limit is 5001 to 20000 where you should pay a duty of Re. 1 for every transaction.
There are some exemptions in every states act and for that you should check on the respective web portal.
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