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Monday, July 15, 2024

What is Meant By Denoting Duty? it indicates what?

The Karnataka Stamp Act 1957 is a state-level legislation that governs the payment of stamp duty on various types of documents in the state of Karnataka, India. The Act defines “denoting duty” as the process of affixing a stamp or a label indicating the payment of the required stamp duty on a document.

Under the Karnataka Stamp Act, every instrument or document specified in the Schedule to the Act is required to be stamped with the appropriate amount of stamp duty before it can be admitted in evidence in a court of law or used for any other purpose. The amount of stamp duty payable on a document is determined based on the type of document, the value of the transaction, and other factors specified in the Schedule to the Act.

The Act provides for the denoting of duty in various ways, such as through adhesive stamps, impressed stamps, or labels. Adhesive stamps are affixed to the document, while impressed stamps are made on the document itself by means of a stamping machine. Labels, on the other hand, are pre-printed labels that are pasted on the document to indicate the payment of stamp duty.

The Act also specifies the procedure for denoting duty on documents. It requires that the stamp duty be paid in full before the document can be stamped. The person responsible for paying the stamp duty is required to affix the stamp or label denoting duty at the time of execution of the document or within the prescribed period, failing which, the document may be impounded and a penalty may be imposed.

In cases where a document has been executed outside the state of Karnataka but is subsequently brought into the state, the person bringing the document into the state is required to denoting duty by affixing the appropriate stamp duty within three months of its arrival in the state.

denoting duty under the Karnataka Stamp Act 1957 refers to the process of affixing a stamp or label indicating the payment of stamp duty on a document. The Act specifies the types of documents that require stamp duty, the amount of stamp duty payable, and the procedure for denoting duty on documents. Compliance with the Act is important to ensure the admissibility of documents in a court of law and to avoid penalties for non-compliance.

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