Use of Revenue Stamp

Knowledge resource 5663 views 5 replies

Guest

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

Replies (5)

Satyendra sahu

service

216 Points Joined July 2008

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.

Guest

When we get exempted to fix revenue stamp

arvind

student

20 Points Joined June 2008

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.

Guest

425405 Points Joined August 2012

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.

Guest

425405 Points Joined August 2012

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	"