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Stamp Duty Law: Stamp Duty on Debentures

Description: Stamp Duty Law: Stamp Duty on Debentures
Number of Questions: 15
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Tags: stamp duty law debentures stamp duty on debentures
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What is the rate of stamp duty on debentures in India?

  1. 0.25%

  2. 0.50%

  3. 0.75%

  4. 1.00%

Show answer
Correct Option: A
Explanation:

The rate of stamp duty on debentures in India is 0.25% of the face value of the debenture.

Who is liable to pay stamp duty on debentures?

  1. The company issuing the debentures

  2. The holder of the debentures

  3. Both the company and the holder of the debentures

  4. None of the above

Show answer
Correct Option: A
Explanation:

The company issuing the debentures is liable to pay stamp duty on the debentures.

When is stamp duty payable on debentures?

  1. At the time of issue of the debentures

  2. At the time of transfer of the debentures

  3. Both at the time of issue and transfer of the debentures

  4. None of the above

Show answer
Correct Option: A
Explanation:

Stamp duty on debentures is payable at the time of issue of the debentures.

What is the consequence of not paying stamp duty on debentures?

  1. The debentures will be void

  2. The company will be liable to pay a penalty

  3. Both the debentures will be void and the company will be liable to pay a penalty

  4. None of the above

Show answer
Correct Option: B
Explanation:

If stamp duty is not paid on debentures, the company will be liable to pay a penalty.

What is the procedure for payment of stamp duty on debentures?

  1. The company must file a return with the Stamp Duty Office

  2. The company must pay the stamp duty online

  3. The company must affix a stamp paper on the debentures

  4. Both the company must file a return with the Stamp Duty Office and pay the stamp duty online

Show answer
Correct Option: D
Explanation:

The company must file a return with the Stamp Duty Office and pay the stamp duty online.

What is the time limit for payment of stamp duty on debentures?

  1. 30 days from the date of issue of the debentures

  2. 60 days from the date of issue of the debentures

  3. 90 days from the date of issue of the debentures

  4. 120 days from the date of issue of the debentures

Show answer
Correct Option: A
Explanation:

The time limit for payment of stamp duty on debentures is 30 days from the date of issue of the debentures.

What is the penalty for late payment of stamp duty on debentures?

  1. 1% of the face value of the debentures

  2. 2% of the face value of the debentures

  3. 3% of the face value of the debentures

  4. 4% of the face value of the debentures

Show answer
Correct Option: B
Explanation:

The penalty for late payment of stamp duty on debentures is 2% of the face value of the debentures.

Are there any exemptions from stamp duty on debentures?

  1. Yes

  2. No

  3. It depends on the state in which the debentures are issued

  4. It depends on the face value of the debentures

Show answer
Correct Option: A
Explanation:

There are certain exemptions from stamp duty on debentures, such as debentures issued by the Government of India, debentures issued by public sector banks, and debentures issued by certain financial institutions.

What is the stamp duty rate for debentures issued by the Government of India?

  1. 0.10%

  2. 0.15%

  3. 0.20%

  4. 0.25%

Show answer
Correct Option: A
Explanation:

The stamp duty rate for debentures issued by the Government of India is 0.10%.

What is the stamp duty rate for debentures issued by public sector banks?

  1. 0.15%

  2. 0.20%

  3. 0.25%

  4. 0.30%

Show answer
Correct Option: A
Explanation:

The stamp duty rate for debentures issued by public sector banks is 0.15%.

What is the stamp duty rate for debentures issued by certain financial institutions?

  1. 0.20%

  2. 0.25%

  3. 0.30%

  4. 0.35%

Show answer
Correct Option: A
Explanation:

The stamp duty rate for debentures issued by certain financial institutions is 0.20%.

Is there any difference in the stamp duty rate for secured and unsecured debentures?

  1. Yes

  2. No

  3. It depends on the state in which the debentures are issued

  4. It depends on the face value of the debentures

Show answer
Correct Option: B
Explanation:

There is no difference in the stamp duty rate for secured and unsecured debentures.

Is there any difference in the stamp duty rate for redeemable and irredeemable debentures?

  1. Yes

  2. No

  3. It depends on the state in which the debentures are issued

  4. It depends on the face value of the debentures

Show answer
Correct Option: B
Explanation:

There is no difference in the stamp duty rate for redeemable and irredeemable debentures.

Is there any difference in the stamp duty rate for debentures issued in different states?

  1. Yes

  2. No

  3. It depends on the state in which the debentures are issued

  4. It depends on the face value of the debentures

Show answer
Correct Option: A
Explanation:

The stamp duty rate for debentures may vary from state to state.

What is the stamp duty rate for debentures issued in the state of Maharashtra?

  1. 0.25%

  2. 0.50%

  3. 0.75%

  4. 1.00%

Show answer
Correct Option: A
Explanation:

The stamp duty rate for debentures issued in the state of Maharashtra is 0.25%.

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