Corporate Law - Q.1 Why amendments in the Indian Stamp Act, 1899 have been made? Answer: The amendments have been carried out with respect to securities market transactions. The present system of collection of stamp duty on securities market transactions has led to multiple rates for the same instrument, resulting in jurisdictional disputes and multiple ...
Read MoreCorporate Law - The government of India, through Finance Act, 2019, amended the Indian Stamp Act, 1899 (hereinafter called as Stamp Act). The Articles of the Constitution that deals with the Stamp Act are Article 246 along with the Seventh Schedule and Article 268. Article 246, along with Seventh Schedule, deals with the distribution of power between Cen...
Read MoreCorporate Law - Income Tax Act has broadly defined taxability of income under five heads of Income. One of them is Capital Gain, where gains arising out of the sale of capital assets are taxable in the hands of the seller of the capital asset. However, with the intention of tax evasion, assesses started entering into an agreement […]...
Read MoreCorporate Law - As per the general understanding of ours on the stamp act ‘it’s a state matter and every state will prescribe its rules and regulation to govern the same‘ for every instrument we have to look for the particular Stamp Act of the particular state. Through this article we are trying to give you a broad […]...
Read MoreCorporate Law - 1. TIME PERIOD FOR PAYMENT OF STAMP DUTY ON SHARE CERTIFICATES: Pursuant to Section 56 of the Companies Act, 2013, Share Certificates must be delivered within a period of 2 months in case of subscribers to memorandum and allotment of securities and within a period of 1 month from the date of receipt of instrument […]...
Read MoreCorporate Law - Yourself was kind enough in giving concessions up to 30.04.2021, for registration of docs, on which stamp duty is paid on or before 31.12.2020. But, due to sudden declaration of lockdown and restriction on movements, many people are not able to submit docs for registration....
Read MoreCorporate Law - Government broadens pertinence of stamp duty by 3 months from 1st April 2020 to 1st July 2020 The administration has not broadened the current 2019-20 financial year and it will end as planned on March 31, the finance minister said on 30th March 2020. Press Trust of India incorrectly revealed that the new financial year will begin fro...
Read MoreCorporate Law - The Department of Revenue, Ministry of Finance, has released the draft Amendment Bill (“Bill”) containing the proposed amendments in the Indian Stamp Act, 1899 (“Act”). Changes are proposed in numerous provisions of the century old enactment. The Bill has been sent to all the State Governments for obtaining their views and the sam...
Read MoreCorporate Law - The Madras High Court has held that an instrument, whether a certificate of sale or sale deed, issued in a public auction of properties, was chargeable with stamp duty under Article 18 read with Article 23 of Schedule I to the Indian Stamp Act, 1899....
Read MoreCorporate Law - Thus, for the benefit of all the Public Charitable and Religious Trusts, Trustee & all such Trusts should jointly make a petition before Law Minister, Law and Judiciary Department Sachivalaya, Maharashtra to amend this and other similar provisions in such a way that the approval should be granted/rejected within 3/4 months on the lines of...
Read MoreAsset Reconstruction Co. (India) Ltd. Vs Chief Controlling Revenue Authority (Supreme Court of India) - Asset Reconstruction Co. (India) Ltd. Vs Chief Controlling Revenue Authority (Supreme Court of India) The High Court overlooked the fact that there was no independent instrument of PoA and that in any case, the power of sale of a secured asset flowed out of the provisions of the Securitisation Act, ...
Read MoreBrilliant Foundation Vs State of Madhya Pradesh and others (Madhya Pradesh High Court) - In the present case, respondent rejected the refund of excess amount of stamp duty paid on the ground that the said provision does not apply to the case of the petitioner/company as ad-valorem duty was paid at 1% and not at 5% of the market value....
Read MoreCrystal Construction Company Vs Additional Controller of Stamps (Bombay High Court) - Collector of Stamps committed a manifest error in not at all adverting to the fact that the Charity Commissioner had determined the value of the trust property by following requisite process to ensure the best value, and determining the market value of the trust property on the sole premise that the...
Read MoreSri B R Jagadhish Vs District Registrar & Deputy Commissioner for Stamps (Karnataka High Court) - Deputy Commissioner for Stamps (DC) erroneously directed assessee to pay stamp duty under Article 28(a) of the Stamp Act without properly examining the recitals of the document where the relationship of the donor and the donee was clearly mentioned and without looking into the provisions of Sections...
Read MoreThe Indian Hume Pipe Co. Ltd. Vs. State of Maharashtra (Bombay High Court) - The Indian Hume Pipe Co. Ltd. Vs. State of Maharashtra (Bombay High Court) The bench noted that, in the present case, the deed is used in the State of Maharashtra for registering a charge by lodging a verified copy of the deed in the office of the Registrar of Companies in accordance with sections...
Read MoreOrder No. F.12(39)FD/Tax/2019-Pt. II - 4 - (12/05/2022) - The enterprises making new investment or investment for expansion under the scheme, as the case may be, for reimbursement of 25% of Stamp Duty, shall submit a duly completed application in Form-S, appended to the Scheme, to the Member Secretary of the appropriate Screening Committee within 90 days o...
Read MoreNotification No. F. 1(2854)/Regn.Br./Div.Comm./HQ/2020/6841 - (30/12/2021) - Delhi Govt notifies the extension of relaxation of 20% in the minimum rates (Circle rates) till 30.06.2022 for valuation of lands and immovable properties in Delhi under rule 4 of the Delhi Stamp (Prevention of Under-Valuation of Instruments) Rules, 2007 for the purpose of payment of Stamp duty und...
Read MoreOrder No.Mudrank-2021/110R.12/CR.107/M-1 (Policy) - (31/03/2021) - Government of Maharashtra reduces the stamp duty by 1% on Agreement to Sell / Conveyance of residential property executed in favour of woman/women purchasers, with effect from 01.04.2021. ORDER Revenue & Forest Department, Madam Kama Marg, Hutatma Rajguru Chowk, Mantralaya, Mumbai-32, Dated the ...
Read MoreRelease ID: 1635399 - (30/06/2020) - Implementation of Amendments in the Indian Stamp Act, 1899 and Rules made from 1st July, 2020 for Rationalized Collection Mechanism of Stamp Duty across India with respect to Securities Market Instruments...
Read MoreNotification No. S.O. 1226(E). - (30/03/2020) - Recently a message is circulating on Social Media which claims that Financial Year 2019-20 ending on 31.03.2020 is been extended to end on 30.06.2020. With this message a Government notification issued by Ministry of Finance is also been circulated. Here we would like to clarify that this notificati...
Read MoreOrder No. F.12(39)FD/Tax/2019-Pt. II - 4 - 12/05/2022
Asset Reconstruction Co. (India) Ltd. Vs Chief Controlling Revenue Authority (Supreme Court of India) -
Notification No. F. 1(2854)/Regn.Br./Div.Comm./HQ/2020/6841 - 30/12/2021
Order No.Mudrank-2021/110R.12/CR.107/M-1 (Policy) - 31/03/2021