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Questions and Answers
Who can bring an instrument to the Collector for adjudication of proper stamps?
Who can bring an instrument to the Collector for adjudication of proper stamps?
- Any legal professional
- A representative from the Revenue Department
- One of the parties to the instrument (correct)
- Any member of the public
What is the fee for applying to the Collector for their opinion on the duty chargeable?
What is the fee for applying to the Collector for their opinion on the duty chargeable?
- One thousand rupees
- One hundred rupees (correct)
- Fifty rupees
- No fee is required
What can the Collector determine regarding the instrument?
What can the Collector determine regarding the instrument?
- The parties involved in the instrument
- The duty chargeable or the relevant Article of Schedule I (correct)
- Only the market value of the instrument
- Only if the instrument has been previously stamped
What might the Collector require to be furnished to determine duty owed?
What might the Collector require to be furnished to determine duty owed?
Besides a copy or abstract, what other evidence can the Collector request?
Besides a copy or abstract, what other evidence can the Collector request?
What information must be fully and truly set forth for the Collector?
What information must be fully and truly set forth for the Collector?
Until what condition is met can the collector refuse to proceed with the application?
Until what condition is met can the collector refuse to proceed with the application?
Under which schedule is the Article of the instrument chargeable determined?
Under which schedule is the Article of the instrument chargeable determined?
What is the initial requirement for having the Collector determine the duty for an instrument?
What is the initial requirement for having the Collector determine the duty for an instrument?
In addition to determining the duty, what else does the Collector provide an opinion on?
In addition to determining the duty, what else does the Collector provide an opinion on?
Why is it important to provide all facts and circumstances affecting the chargeability of the instrument?
Why is it important to provide all facts and circumstances affecting the chargeability of the instrument?
What specific amount must be paid to have the collector determine duty?
What specific amount must be paid to have the collector determine duty?
What are the key components a collector may require?
What are the key components a collector may require?
When can an instrument be brought to the collector?
When can an instrument be brought to the collector?
Flashcards
Adjudication of Stamps
Adjudication of Stamps
When a party brings an instrument to the Collector to determine the applicable duty or Schedule I Article, after paying a fee.
Collector's power to request info
Collector's power to request info
The Collector can request a true copy or abstract of the instrument and affidavits to ascertain all facts affecting the instrument's chargeability.
Study Notes
- This section pertains to the adjudication process for determining the correct stamp duties on instruments.
- When a party to an instrument (executed or not, previously stamped or not) approaches the Collector.
- They can request the Collector's opinion on the applicable duty or Schedule 1 Article.
- A fee of one hundred rupees is required for this service.
- The Collector then determines the chargeable duty or relevant Schedule I Article.
- The Collector has the authority to request a true copy or abstract of the instrument.
- They can also request affidavits or other evidence to verify the facts influencing the instrument's chargeability or duty amount.
- The Collector can deny the application if the requested copy, abstract, or evidence is not provided.
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