Stamp duty on share certificate

[madhulika tiwari]

Dear Professionals,

I have a query:

A Pvt Ltd Company incorporated in Jul,2014 has not paid stamp duty on share certificate issued upon incorporation. Also, company has issued further shares in Aug, 2015 and on that share certificate also no stamp duty has been paid.

Now the query is:

Can Company now pay its stamp duty without any penalty?

If No, how much is the penalty will be charged?

How stamp duty is paid online?

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Regards,

Madhulika Tiwari

Madhulika Tiwari & Associates

Company Secretaries

Off. No. 25, 1st floor, Sunshine Heights,

Sunshine City, Nr. Nalasopara Station,

Nalasopara- East

Cont. No. 7710044734

Id: madhuli...@gmail.com

       csmadh...@gmail.com

[Ramaswami Mohan]

I suppose stamp duty can be either paid by means of a challan at the government treasury or by means of revenue stamp for the required value.

 

I presume that, if the volume of share certificates is not too much, better to purchase revenue stamps and affix the same in order to regularize the share issue process. 

 

Not only it is about compounding fee for non payment of stamp duty, it will also attract condonation of delay proceedings before the CLB for non issue / improper issue of share certificates within the prescribed time etc.

 

Views of others welcome

Regards,

Mohan

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CS. R.  Mohan
Mobile: 9908814677

[CS_SrikanthReddyKolli]

Hi

If the share certificate is for 25 lakh shares and the Rs 1 revenue stamp is affixed on it, will not be a compliance? This is in the state of Telangana

Pls suggest with supporting

[DAMODAR LEKKALAPUDI]

uniform rate Rs.1 in india

[Shweta Daga]

Dear Sir,

Stamp duty is matter of state. Therefore, Stamp duty is to be paid as per state stamp act.

Thanxs & Regards

Shweta Daga

Mob 7838657554

[Shweta Daga]

Dear Sir/ Madam,

Stamp duty on issue of share certificate is a matter of state. Therefore, Stamp duty is to be paid as per state stamp act.

Thanxs & Regards

Shweta Daga

Mob 7838657554

[Sitaram]

In such a case the share certificates have to be adjudicated and stamp duty and penalty paid.

Procedure may vary from state to state. Also revenue stamps cannot be afficed if the particular state does not have a system for revenue stamps.

For example tamilnadu recognises revenue stamps but karnataka does not.

Rgds
Sitaram

[madhulika tiwari]

What is the procedure for adjudication in Maharashtra?

Does revenue stamps are recognized in Maharashtra?

[Lily Bali]

And regarding online payment of stamp duty, First challan will be given to you by SDM then you are required to pay stamp duty online.

Regards

Lily Bali

9711772751

On Thu, Feb 11, 2016 at 11:40 AM, Lily Bali <lilyb...@gmail.com> wrote:

Dear Mr. Tiwari,

According to my opinion,  Stamp duty is a matter of state, So how much stamp duty you are required to pay depend upon the state where  registered office of the company is situated.

Secondly : You are required to pay penalty also. Penalty will be 1 to 10 times of the amount of stamp duty. But all penalty depend upon SDM,  even SDM can  penalised  you 1 time or  even he can do half as well.

Thirdly : NO CONDONATION OF DELAY PROVISION WILL ATTRACTED.

Regards

Lily Bali

9711772751

[Lily Bali]

Hi CS SrikanthReddyKolli,

All depend upon state, For eg. I am from Delhi and as per  delhi stamp act, We need to pay stamp duty  merely affixing revenue stamp on share certificate wont suffice our purpose.

and according of me, Affixing a revenue stamp is old concept.

Regards

Lily Bali

9711772751