Stamp duty
Stamp under the Act means a stamp impressed by means of a dye as an adhesive stamp for denoting any duty or fee, while it defines “duty” as any stamp duty for the time being chargeable under this or any other Act and also includes any fee chargeable hereunder” However, the new finance bill recognises electronic stamping as part of stamp duty.
Invariably, Stamp duty is a legal chargeable duty levied on certain documents. We can also say that stamp duty is the Legal fee payable on properties to the government. The charges can be fixed or ad volorem (in proportion to the value of the consideration)
Such documents include; company registration documents, deed of Assignment, bank deposit etc. for instance stamp duty is paid to the government for any company registration.
Finally, we can say that Stamp duty is another form of taxation by the government that is paid on certain legal documents.
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