17 November 2011
under which act and section revenue stamp is required for payment above Rs. 5000/- Further, is it applicable on payment by cheque also?
17 November 2011
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
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