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Where to Use Revenue stamp

Knowledge resource 1217 views 1 replies

Ritesh Jain

CA CS in Job

675 Points Posted on 25 May 2009

Hi, I know that Revenue stamp is used while acknowledging the receipt of payment Amounting to Rs above 5000. Can somebody help me on these queries.

1)Whether ac payee cheques/DD also comes under the ambit.

2) Its only for payment voucher i.e affixing the revenue stamp is a duty of payer or of payee.

3)If a company has practice of drawing money receipt on receiving money from clients(which indirectly is acknowledgement of receiving money to the client). Wether the company has to use revenue stamp on the Money receipt and draw it.

4)Whether Revenue stamp should only be used in the voucher and payee has to sigh above it.

Replies (1)

CA Ashish Joshi

265 Points Posted on 10 December 2012

Hey Ritesh,

In view of the amendment of Schedule I, to the Indian Stamp Act 1899, the one-rupee stamp is required to be affixed on any receipt, the amount or value of which exceeds Rs 5,000. This amendment has come w.e.f. 10.09.04. The stamp is required to be affixed in respect of receipt which has been defined as under in Section 2(23) of the aforesaid Act:“Receipt” include any note, memorandum or writing-

whereby any money, or any bill of exchange, cheque or promissory note is acknowledged to have been received, or
whereby any other movable property is acknowledged to have been received in satisfaction of a debt, or
whereby any debt or demand, or any part of a debt or demand, is acknowledged to have been satisfied or discharged, or
which signifies or imports any such acknowledgement, and whether the same is or is not signed with the name of any person.

In view of above, the cheque / DD, etc. would also be covered for affixation of revenue stamp.