Revenue Stamp Laws In India

100 as per section 65 of stamp act.

Revenue stamp laws in india. There are certain very important terms that are related to the indian stamp act 1899. However if its turnover is up to inr 4 000 mn in fy 2017 18 then the applicable rate of tax is 25. Tax law involves understanding implementing and defending the payment or non payment of taxes. Taxes in india are levied by the central government and the state governments.

When does a revenue stamp have to be attached. Non postal stamps are revenue stamp court fee stamp insurance policy stamp etc. Revenue stamp only for. Bills of exchange cheques promissory notes bills of lading letters of credit policies of insurance transfer of shares debentures proxies and receipts.

A company incorporated in india is treated as a tax resident of india and is taxed 30 on its global income. Banks do not insist on a revenue stamp on cash. Transactions up to rs 5 000 made from june 2 onwards would not require revenue stamp. Tax laws come from a variety of sources they re based in federal and state constitutions laws and regulations.

French and portuguese india. Under section 30 of indian stamp acts 1899 the recipient of above rs 5000 shall mandatorily acknowledge the payment with a receipt affixing one rupee revenue stamp on it as a proof of payment. The indian stamp act 1899 2 of 1899 is a fiscal statute laying down the law relating to tax levied in the form of stamps on instruments recording transactions stamp duties on instruments specified in entry 91 of the union list viz. However the department of revenue of the ministry of finance india has issued two notifications dated march 30 2020 deferring the implementation of part i of chapter iv of the finance act 2019 i e.

Refusal to give such receipt with a discharged revenue stamp may lead to punishment of with a fine of rs. June 2 2005 as per amendment to the indian stamp paper act of 1899. Initially french india stamps were surcharged in indian currency and later separate stamps were issued inscribed either timbre mobile or timbre quittance later pondicherry overprinted indian revenues with the name of the state anna stamps were. Tax exemption limit 9 service tax form excel pdf word 3 service tax forms 1 service tax internet banking 1 service tax notifications 5 service tax on law firm advocates 3 service tax on transportation of passengers by air 2 service.

In india a revenue stamp needs to be affixed only on receipts for amounts over rs. After it became part of india pondicherry issued several revenues.