Transcription of IMPORTANT PROVISIONS OF STAMP DUTY AND …
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IMPORTANT PROVISIONS OF STAMP DUTY AND …
IMPORTANT PROVISIONS OF BOMBAY STAMP ACT, INDIAN STAMP ACT & REGISTRATION ACT. - CA VIMAL PUNMIYA STAMP DUTY INTRODUCTION: The Bombay STAMP Act, 1958 came into force on 16th Feb, 1959 and is applicable in the State of Maharashtra. The Act is intended to levy STAMP duty on certain types of documents executed in the state or brought from outside for acting upon the same in the state. The various instruments/documents are broadly covered under different 62 articles listed in Schedule-I appended to the Act. The rates at which STAMP duty is levied on these documents are mentioned in Schedule I. The Bombay STAMP Act levies STAMP duty on documents or instruments by which any right or liability is, or purports to be created, transferred, limited, extended, extinguished or recorded. What is STAMP Duty? It is a type of tax which is paid to the State Government for the transaction performed by way of document or instrument under the PROVISIONS of Bombay STAMP Act, 1958 and Indian STAMP Act, 1899.
What is the validity of the stamps for its usage? Stamp paper upto 30.11.1989 was valid for any period of time. However, from 01.12.1989, all stamp paper [whether purchased before, on or after 01.12.1989] is valid for a period of six months from the date of purchase and after that, it is treated as ordinary paper as if it has no stamp.
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