Why a revenue stamp affix on or over payment of Rs. 5000/-
What should we do if revenue stamp doesn't affixed. Can a payment make without revenue is disallowed by Income Tax Dept
Pls advise.
Regards
Rajesh
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Use of Revenue Stamp
Replies (5)
It is made compulsory by Indian stamps act. It is made compulsory to maintain the geniness of the transaction. You may be knowing while buying new house you are entering into agreement that to on stamp paper, why becasue agreement made on stamp paper has got legal validty and can be proved in court of law.
If you will not affix revenue stamp on voucher above Rs. 5000/-, nothing will happen.
But income tax officer can say no to accept the expenditure. Basically it depand, if you have sufficent documents and supporting but it is sololy dependent on the mood of IT officer.
When we get exempted to fix revenue stamp
hi, as per Income tax rules, no cash paymentof more than Rs-20,000/-is permitted.Internally, we shall maintainthis limit to Rs-5000/-.
>All cash payment exceedingRs.5000/-should be receiptedwith a revenue stamp.
pls clarify if payment by acconut payee cheque of rent above 5000/- paid under a registered lease agreement reqiures a rs.1/- stamped rent receipt.
| Originally posted by :Rajesh | ||
| " | Why a revenue stamp affix on or over payment of Rs. 5000/- What should we do if revenue stamp doesn't affixed. Can a payment make without revenue is disallowed by Income Tax Dept Pls advise. Regards Rajesh |
" |
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