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The Bombay Stamp Act, 1958 Schedule I Stamp Duty On Instruments Sr. No. Description of Instrument1.ACKNOWLEDGEMENT proper Stamp Duty(1) a debt written or signed by, or on behalf of, a debtor in order

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What is stamp duty on instruments?

Stamp duty on instruments refers to a tax levied on certain legal documents, such as agreements, contracts, and deeds, that need to be stamped or sealed by a government authority to be considered legally valid.

Who is required to file stamp duty on instruments?

The individual or organization responsible for filing stamp duty on instruments depends on the jurisdiction. It is typically the party executing or receiving the instrument, such as the buyer or seller in a property transaction, but it can vary from one jurisdiction to another.

How to fill out stamp duty on instruments?

The process of filling out stamp duty on instruments varies depending on the jurisdiction. In general, it involves completing a prescribed form, providing relevant details about the instrument, and paying the required stamp duty. It is advisable to consult the local government or tax authority for specific instructions on how to fill out stamp duty on instruments.

What is the purpose of stamp duty on instruments?

The purpose of stamp duty on instruments is to generate revenue for the government and to ensure the legality and enforceability of certain legal documents. By paying stamp duty, the parties involved in the transaction demonstrate compliance with the applicable laws and regulations.

What information must be reported on stamp duty on instruments?

The specific information required to be reported on stamp duty on instruments can vary depending on the jurisdiction and the type of instrument. However, common details may include the parties involved, the nature of the instrument, the consideration or value involved, and any other relevant information as required by the local government or tax authority.

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