Indian stamp act

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Querist : Anonymous

Querist : Anonymous (Querist)

12 June 2014 As per the act, any cash payment above 5000 should be duly affixed with revenue stamp....Why is it so?

Guest

Guest (Expert)

12 June 2014 may b for credibility

but its not right to try to find logic behind rules...........

because most of the rules doesnt have logics behind them...

Querist : Anonymous

Querist : Anonymous (Querist)

12 June 2014 But i think that every rule has some reason behind it .....but still thanks

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Guest

Guest (Expert)

12 June 2014 lo ji mujhe jo lagta hai logic which i had read on net about this is as follows

Most of us think that if there is a revenue stamp on any paper, then it is genuine. Actually this is not the case. Actually revenue stamp is not used for the purpose of authentication, it is used to generate revenue. It was first implemented by the British during for the East India company. Stamp duty was first introduced during the year 1797. In the beginning, it was limited to only a few areas like Bengal, Banaras, Bihar & Orissa.

Revenue Stamps are used to collect fees or revenue for maintaining courts. There was a law called e Indian Stamp Act 1899. This law was ammended for 51 times since 1899 to 2004.

Under section 30, if you make a payment of more than Rs. 5000/- to any other, then you can can insist on getting a stamped receipt with Re 1/- revenue stamp. In this case if the payee refuses to give a receipt with a revenue stamp, then he can be punished with a fine of Rs. 100/- under section 65.

Querist : Anonymous

Querist : Anonymous (Querist)

12 June 2014 Are Thank You Bohraji...ab kuch maja aya

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