Stamp Duty Law: Stamp Duty on Promissory Notes Online Test

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Stamp Duty Law: Stamp Duty on Promissory Notes

Description: Stamp Duty Law: Stamp Duty on Promissory Notes
Number of Questions: 14
Created by: Aliensbrain Bot
Tags: stamp duty law promissory notes

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What is the rate of stamp duty on a promissory note?

0.25%
0.50%
0.75%
1.00%

What is the maximum amount of stamp duty that can be charged on a promissory note?

Rs. 1,000
Rs. 2,000
Rs. 3,000
Rs. 4,000

Who is responsible for paying the stamp duty on a promissory note?

The maker of the note
The payee of the note
The holder of the note
The endorser of the note

When is the stamp duty on a promissory note payable?

At the time the note is executed
At the time the note is delivered
At the time the note is negotiated
At the time the note is paid

What happens if a promissory note is not stamped?

The note is void
The note is unenforceable
The note is subject to a penalty
All of the above

What is the penalty for not stamping a promissory note?

A fine of up to Rs. 1,000
Imprisonment for up to six months
Both a fine and imprisonment
None of the above

Can a promissory note be stamped after it has been executed?

Yes, if it is done within 30 days of execution
Yes, if it is done within 60 days of execution
Yes, if it is done within 90 days of execution
No, it cannot be stamped after it has been executed

What is the procedure for stamping a promissory note after it has been executed?

The note must be taken to the nearest stamp vendor
The note must be sent to the Stamp Commissioner
The note must be stamped by a notary public
The note can be stamped by any authorized person

What is the cost of stamping a promissory note after it has been executed?

The same as the cost of stamping the note at the time of execution
Double the cost of stamping the note at the time of execution
Triple the cost of stamping the note at the time of execution
Quadruple the cost of stamping the note at the time of execution

What is the maximum amount of stamp duty that can be charged on a promissory note that is stamped after it has been executed?

Rs. 2,000
Rs. 3,000
Rs. 4,000
Rs. 5,000

What are the consequences of not stamping a promissory note after it has been executed?

The note is void
The note is unenforceable
The note is subject to a penalty
All of the above

What is the penalty for not stamping a promissory note after it has been executed?

A fine of up to Rs. 2,000
Imprisonment for up to one year
Both a fine and imprisonment
None of the above

Can a promissory note be stamped more than once?

Yes, if the note is stamped within 30 days of execution
Yes, if the note is stamped within 60 days of execution
Yes, if the note is stamped within 90 days of execution
No, a promissory note can only be stamped once

What happens if a promissory note is stamped more than once?

The note is void
The note is unenforceable
The note is subject to a penalty
All of the above

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