Introduction
A receipt could be a
note, memoranda, or writing:
a. Whereby any cash, of
the bill of exchange, Cheque, or debt instrument is acknowledged to possess
been received, or
b. Whereby the other
mobile property is acknowledged to possess been received in satisfaction of a
debt, or
c. Whereby any debt or
demand, or any a part of a debt or demand, is acknowledged to possess been glad
or discharged, or
d. that signifies or imports
any such acknowledgment and whether or not a similar is or isn't signed with
the name of somebody.
Stamp Duty:
The taxation on receipt
for any cash or alternative property, the quantity or price that exceeds
twenty rupees.
But in the geographical region,
this duty has been raised to at least one rupee up to Rs. 100.00 and 2 rupees
wherever the worth exceeds Rs. 100.00
Exceptions:
1. supported on or
contained in any instrument punctually sealed, acknowledge the receipt of the
thought cash in this expressed or the receipt of any principal cash, interest,
annuity or alternative periodical payment thereby secured;
2. For any payment of cash while not a
consideration;
3. For any payment of rent by a cultivator on
account of land assessed to income consideration;
4. For pay or allowances by non-commissioned
officers or troopers of her Majesty’s British or Pakistan forces once serving
in such capability or by mounted police constables;
5. For pensions or allowances by persons
receiving such pensions or allowances in respect of their services
intrinsically non-commissioned officers or troopers and not serving the govt.
in the other capacity;
6. Given by the headman or lambardar for land
revenue or text collected by him;
7. Given for cash or securities for cash
deposited within the hands of any banker to be accounted for;
Cancellation of adhesive
stamps:
On an associate degree
instrument bearing an adhesive stamp, the performer should cancel the stamp in the order that it can not be used once more by writing on or across its in his name
or initials or the name or initials of his firm with verity date writing, or in
the other effectual manner.
Any instrument bearing an associate degree adhesive stamp, that has not been therefore off, is deemed to
be unstamped.
“Instruments not
punctually sealed impermissible in evidence”
Receipts moreover as all alternative
instruments guilty with an obligation of twelve paisas solely, or a debt
instrument or a bill of exchange, don't seem to be admissible obvious if
they're not punctually sealed; wherever somebody from whom a stamped receipt
may are demanded has given associate degree perceive receipt and such receipt
if sealed would be admissible obvious against him on payment of penalty of 1
rupee by the person tendering it, and wherever any receipt guilty with an obligation of twelve paisas is tendered to or created before any officer
unstamped within the course of the audit of any public account, the such officer
might, during this discretion, rather than impoundment the document need a
punctually sealed receipt to be substituted, therefore.