vivek (CS) (751 Points)
07 June 2010Dear All,
I want to know that a company is in practice to go for stamping on the amount of Bill of Exchang if it is for more than 90 Days @ Rs.1.20/1000 is it correct as per entry 13 of rate of stamp duty at delhi it is not correct? Bill of exchange is dran for the purpose of LC.
Regards,
CA Shree Jain
(Chartered Accountant)
(1572 Points)
Replied 07 June 2010
If Bill of Exchange in LC is for more than 90 Days Stamping charges @ Rs.1.20/1000 is correct.
vivek
(CS)
(751 Points)
Replied 07 June 2010
Can you plz quote the relevant entry no. or provision?
Thanks in advance and how it is different from normal BE?
CA Shree Jain
(Chartered Accountant)
(1572 Points)
Replied 08 June 2010
relevant entry no. is 13 and please note that it is just like normal BE and just stamp duty is applicable.
vivek
(CS)
(751 Points)
Replied 08 June 2010
Entry no. 13 is as follows plese highlight the corresponding for my clarity only:-
|
Bill of Exchange as defined by section 2(2) not being
a BOND, bank-note or currency note-
(a) where payable otherwise than on demand –
(i) where payable not more than three months after
date or sight –
if the amount of the bill or note does not exceed
Rs.500;
if it exceeds Rs.500 but does not exceed Rs.1,000;
and for every additional Rs.1,000 or part thereof in
excess of Rs.1,000;
(ii) where payable in more than three months but not
more than six months after date or sight –
if the amount of the bill or note does not exceed
Rs.500
if it exceeds Rs.500 but does not exceed Rs.1,000;
and for every additional Rs.1,000 or part thereof in
excess of Rs.1,000;
(iii) where payable in more than six months but not
more than nine months after date or sight –
if the amount of the bill or note does not exceed
Rs.500;
if it exceeds Rs.500 but does not exceed Rs.1,000;
and for every additional Rs.1,000 or part thereof in
excess of Rs.1,000;
(iv) where payable in more than nine months but not
more than one year after date or sight –
if the amount of the bill or note does not exceed
Rs.500;
if it exceeds Rs.500 but does not exceed Rs.1,000;
and for every additional Rs.1,000 or part thereof in
excess of Rs.1,000;
(v) where payable in more than one year after date or
sight –
if the amount of the bill or note does not exceed
Rs.500;
if it exceeds Rs.500 but does not exceed Rs.1,000;
and for every additional Rs.1,000 or part thereof in
excess of Rs.1,000; |
One rupees twenty five paise.
Two rupees fifty paise.
Two rupees fifty paise
Two rupees fifty paise
Five rupees.
Five rupees
Three rupees seventy five
paise.
Seven rupees seventy five paise
Seven rupees fifty paise.
Five rupees
Ten rupees
Ten rupees
Ten rupees
Twenty rupees
Twenty rupees |
Regards,
Thnx for your reply
reetika
(trainee)
(21 Points)
Replied 19 August 2011
Hello sir...
just want to knw the date of payment of stamp duty....whether it would be after or before the date of bill of exchange.
Regards
Reetika Kalsi
RAKESH NANDA
(CA FINAL STUDENT)
(76 Points)
Replied 16 October 2012
Hello Sir...
i would like to know stamp duty stands for. whether it is court fee or notary or stamp paper.
Regards
Rakesh Nanda
sikendra kumar
(accounts executive)
(29 Points)
Replied 21 December 2013
We have received Bill of exchange for 120 days & values is usd $ 48,443.00 against document against acceptance (D/A). i would like to know stamp duty .
kindly provide information regarding bill of exchange as soon as possible
Nishant Joshi
(Accounts Executive)
(22 Points)
Replied 08 July 2014
Sir kindly see the proviso Clause to the same aswell
Surya Mohan Reddy
(Sr Accounts officer)
(21 Points)
Replied 15 October 2016
sir i have submit on Bill of Exchange above 90 days how munch stamp duty on Percentage in small scale industries or large scale industries in telangana state
Prachi Bansal
(3129 Points)
Replied 15 April 2021
Can someone explain some technicalities of opening an LC ? Just brief information would be enough.
CAclubindia
