Penalty for non-payment of stamp duty on allotment of Equity Shares/Preference shares/Bonds/Debentures/ Promissory notes
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“The Collector of Stamps, NCT of Delhi” has recently issued notices to various companies regarding the non-payment of stamp duty on allotment of Equity Shares/Preference shares/Bonds/Debentures/ Promissory notes, payment of consolidated stamp duty on all previous allotments has become must to avoid any penal action.
As per regulatory requirements:
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In terms of companies act, every company allotting shares, debentures must issue certificates within 3 months of the allotment.
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The company allotting shares , debentures has to file prescribed particulars with ROC and pay stamp duty on them.
- In terms of the provisions under the Stamp Act, a company issuing share certificate(s) is required to pay stamp duty at a rate of Re. 1 (Rupee One) per Rs. 1000 (Rupees one thousand) in the state of Delhi
In view of the above, it is in best interest of the companies to adhere to necessary regulatory compliances to avoid any kind of litigation and/or penal actions or penalties.
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