I am transfer salary to my employees in their salary accoun. some employees have salary more then Rs. 5000.00 should i have take a receipt with revenu stump or this is bank transection so there is no required.
09 June 2009
Section 2(23) of the Indian Stamp Act 1899 makes it mandatory for affixing of stamp on any receipt as defined therein above Rs 5000 .[Previously it was Rs 500] 2(23) "Receipt" includes any note, memorandum or writing- (a) whereby any money, or any bill of exchange, cheque or promissory note is acknowledged to have been received, or (b) whereby any other movable property is acknowledged to have been received in satisfaction of a debt, or (c) whereby any debt or demand, or any part of a debt or demand, is acknowledged to have been satisfied or discharged, or (d) which signifies or imports any such acknowledgment; and whether the same is or is not signed with the name of any person " Therefore, affixing stamp does not depend on month or year , but every time a receipt is given. If every month receipt above Rs 5000 is given, stamp has to be affixed there. If only one receipt at the end of year is given , one stamp is required. The basic requirement under the law is RECEIPT.
In view of the above the salary payment may be receipted by affixing revenue stamp.
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