What are the limitations of Indian Stamp Act?

What are the limitations of Indian Stamp Act?

Stamp Rules showed that the period of limitation of four years is provided for making a reference to the Collector. Rule 346 no doubt provides that the nspector of Stamps and Registration shall make a reference to the collector within four years from the date of registration of the instrument.

What are the provisions of Indian Stamp Act?

Section 8. Bonds, debentures or other securities issued on loans under Act XI of 1879. Section 8A. Securities dealt in depository not liable to stamp-duty….Language.

Act ID: 189902
Short Title: The Indian Stamp Act, 1899
Long Title: An Act to consolidate and amend the law relating to Stamps,
Ministry: Ministry of Finance

Which Stamp Act is applicable?

Answer: Section 9B of the Indian Stamp Act, 1899 is applicable for issue/ transfer or sale or reissue of securities in physical form….FAQs on Indian Stamp Act, 1899 Amendments & Rules.

Instrument Rate
Transfer of security other than debenture on delivery basis; 0.015%
Transfer of security other than debenture on non-delivery basis 0.003%

What is conveyance under the Indian Stamp Act?

Conveyance- Section 2 (10) of the Act defines the term conveyance. It basically includes an instrument by which property is transferred. Sale deed, transfer of lease, release, settlement are all chargeable as conveyance. Duly Stamped- Section 2 (11) defines this term.

Can stamp duty be paid after execution?

Instruments executed in India- All instruments chargeable with duty and executed by any person in India shall be stamped before or at the time of execution. Thus, the stamp duty is to be paid before or at the time of executing the e- agreement and cannot be paid after execution.

Why is stamp paper required?

To execute the Sale Deed it has to be on a stamp paper. Such a stamp duty acts as transaction taxation and generates revenue for the government. Generally, a physical stamp is required to be part of the document to assert its legal validity. The stamp duty payment is mandatory for the legal claim to become valid.

When was Stamp Act passed?

Although some in Parliament thought the army should be used to enforce the Stamp Act (1765), others commended the colonists for resisting a tax passed by a legislative body in which they were not represented. The act was repealed, and the colonies abandoned their ban on imported British goods.

What documents are required to be stamped?

Documents that require stamp duty

  • Exchange Bills.
  • Credit Letters.
  • Lading Bills.
  • Insurance Policies.
  • Transfer of Shares.
  • Proxies.
  • Receipts.
  • Debentures.

How long can you delay paying stamp duty?

Late payment

Penalty date Penalty due
31 days after the due date for payment 5% of the unpaid tax
5 months after the penalty date (5 months and 31 days after the due date for payment) A further 5% of the unpaid tax

What are the provisions of the Indian Stamp Act 1899?

THE INDIAN STAMP ACT, 1899 43. Prosecution for offence against Stamp-Law 44. Persons paying duty or penalty may recover same in certain cases 45. Power to revenue-authority to refund penalty or excess duty in certain cases 46. Non-liability for loss of instruments sent under section 38 47.

Did Chhattisgarh Govt introduce an amendment to the Stamp Act 2015?

This fact is borne out by letter dated 28th July 2015 to Registrar Stamps, Raigarh. A new amendment has been introduced by Chhattisgarh government through an ordinance (ordinance No. 3 of 2015) which is now sought to be brought as a bill in the Vidhansabha. It is to be taken up for vote day after tomorrow morning.

What is Article 35 (a) and why is it important?

Article 35 (a) is very important as it clearly states “and no premium is paid or delivered” and as such is applicable to situations where no premium is charged. Premium with respect to lease is legally understood as an amount paid by the tenant for the lease to be granted or to secure the former tenants lease often in order to secure low rent.

When is a stamp required on a bill of lading?

If a bill of lading drawn in parts, the proper stamp therefor must be borne by each one of the set (a) Bill of lading when the goods therein described are received at a place within the limits of any port as defined under the 119 Indian Ports Act, 1889, and are to be delivered at another place within the limits of the same port.