Pl note that the Stamp Act is a State Subject and local stamp Act is to be checked for the quantum of stamps to be affixed. For Instance, In Tamilnadu, all cash disbursements in excess of Rs 500/- revenue stamp of Re1/- is to be affixed at the time of payment of disbursement.Failure to affix the stamp does not invalidate the transaction and only when the matter is taken up for adjudication, the issue would crop up and additional fee is to be paid before the case if any is proceeded upon
14 September 2007
REVENUE STAMP NEEDS TO BE AFFIXED FOR ANY CASH PAYMENT ABOVE RS. 500/-. THIS IS THE LAW AS PER STAMP ACT. EARLIER THIS LIMIT WAS RS. 20/- AS FAR AS SUPPORTING IS CONCERNED NO CASHIER OR ACCOUNTANT IS COMFORTABLE TO MAKE CASH PAYMENTS WITHOUT A SUPPORT OR AUTHORISATION ,IRRESPECTIVE OF THE AMOUNT INVOLVED. WHILE PARA ONE ABOVE REFERS TO LAW ,PARA TWO ABOVE IS OF EACH ORGANISATION'S INTERNAL RULES. C.A.R.V.RAO
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