Satyendra sahu
(service)
(216 Points)
Replied 02 July 2008
It is made compulsory by Indian stamps act. It is made compulsory to maintain the geniness of the transaction. You may be knowing while buying new house you are entering into agreement that to on stamp paper, why becasue agreement made on stamp paper has got legal validty and can be proved in court of law.
If you will not affix revenue stamp on voucher above Rs. 5000/-, nothing will happen.
But income tax officer can say no to accept the expenditure. Basically it depand, if you have sufficent documents and supporting but it is sololy dependent on the mood of IT officer.
arvind
(student)
(20 Points)
Replied 02 July 2008
hi, as per Income tax rules, no cash paymentof more than Rs-20,000/-is permitted.Internally, we shall maintainthis limit to Rs-5000/-.
>All cash payment exceedingRs.5000/-should be receiptedwith a revenue stamp.
| Originally posted by :Rajesh | ||
| " | Why a revenue stamp affix on or over payment of Rs. 5000/- What should we do if revenue stamp doesn't affixed. Can a payment make without revenue is disallowed by Income Tax Dept Pls advise. Regards Rajesh |
" |
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