Revenue stamps

Sir,  One Co-op. Society of Utter Pradesh having transactions in Andhra Pradesh demanding  acquittance  on three papers for one payment, though it is a matured claim or pre-matured claim.  Unless and untill the  party furnishes three acquittances  on separte receipts  with revenue stamp on all the three acquittance.   As per Stamp duty only one stamped acquittance is enough if the amount acquittance  exceeds Rs.5,000/-  The local branch staff not arranging payment of money without three stamped acquitance  for a single payment.  I request to  inform me whether the co-op. banks or other financial institutions can insist more  acquitances  for a single payment
Asked 1 year ago in Audit from RAJAHMUNDRY,, Andhra Pradesh
From audit perspective, one acquitance is sufficient. You may ask the co-operative society to show the rule under which it demands 3 acquitances.
B Vijaya Kumar
CA, Hyderabad
409 Answers
5.0 on 5.0
  Talk to B Vijaya Kumar

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other questions asked by this user

Other Questions

Chartered Accountants

Rohit R Sharma
CA, Mumbai
1005 Answers
5.0 on 5.0
Abhishek Dugar
CA, Mumbai
1006 Answers
5.0 on 5.0
Vishrut Rajesh Shah
CA, Ahmedabad
400 Answers
5.0 on 5.0
Pradeep Bhat
CA, Bengaluru
186 Answers
5.0 on 5.0
B Vijaya Kumar
CA, Hyderabad
409 Answers
5.0 on 5.0
Vishakha Agarwal
CA, Bangalore
308 Answers
5.0 on 5.0
Lalit Bansal
CA, New Delhi
138 Answers
5.0 on 5.0
Vidya Jain
CA, Kolkata
80 Answers
3.9 on 5.0
Mohit Agarwal
CA, Agra
6 Answers
5.0 on 5.0
B S Sridhar
CA, Chennai
38 Answers
5.0 on 5.0