Amendment status not verified — confirm the current text below against the official source.
Application of Indian Stamp Act 1899. SCHEDULE. 4 STATEMENT OF OBJECTS AND REASONS I Act 34 of 1957.- Different rates on stamp duty are in force in the various areas of the State. As it is very desirable to have the same rates of stamp duty in all the areas in all areas of new State, Government have decided to undertake legislation to achieve this object. Hence this Bill. The Bill makes provision for the levy of stamp duty on instruments at the rates in force the Madras Area (Obtained from Notification L. A. No. 5848 dated 20-6-1957) II Amending Act 8 of 1958.- The Government of India have decided that with effect from 1st April 1958, the rates of Stamp Duty should be expressed in decimal coinage. The new rates of non-postal stamps decided upon by the Government of India are in multiples of 5 Naye Paise. It has become necessary, therefore, to amend the Mysore Stamp Act, 1957, to adapt the rates of Stamp Duty decided upon by the Government of India. The Bill is intended to give effect to the new rates of non- postal stamps in decimal coinage, proposed to be brought into force from 1st April 1958. (Published in the Gazette (Extraordinary) Part IV-2A dated 4-3-1958 as No. 51) III Amending Act 29 of 1962.- The State Government are committed to raise a sum of Rs. 42 crores by additional taxation. In order to meet the commitments of the schemes in the Second Five Year Plan and implementation of schemes in the Third Five Year Plan, the resources of the State have to be augmented. It is therefore proposed to increase the rates of stamp duty by fifty per cent in instruments in respect of which the State legislature is competent to levy stamp duty. With the passing of the Advocates Act, 1961, the roll of Advocates is now maintained by the State Bar Council and not by the High Court, As there is no instrument for entry on roll, it is proposed to levy stamp duty on the certificate of enrolment issued by the Bar Council. The Law Ministers Conference held at Srinagar in 1960, has recommended that the total fee payable by a Advocate on enrolment should not, inclusive of the fee payable to the Bar Council under the Advocate Act, exceed Rs. 500. Since a fee of Rs. 250 is payable to the Bar Council, it is proposed to fix the Stamp duty on the certificate of enrolment at Rs. 250. Opportunity has been taken to make certain other provision found necessary. The more important of these amendments are indicated below. The definition of instrument of partition is proposed to be amplified to cover documents in which the terms of partition effected are recorded. Sub-section (1) of section 53 of the Act does not empower the Chief Controlling Revenue Authority to exercise control over the Deputy Commissioner in cases other than those falling under Chapter IV and V and proviso (a) to section 27. In the interests of revenue, it is necessary to exercise control over the Deputy Commissioner in other cases also. Sub-section (1) of section 53 is therefore proposed to be amended. In respect of allowances for stamps, definite periods of limitation and the circumstances in which allowance is permissible have been laid down in Chapter V of the Act. In order to avoid hardship under the Indian Stamp Act, 1899, orders for refund of amounts paid for stamp duty were being made by Government in appropriate cases without any bar of limitation on the basis of certain Resolutions of the Government of India. It is considered desirable to take necessary power to issue such orders. The new section 52A has therefore been proposed. In order to enable the Chief Controlling Revenue Authority to grant relief under section 44 beyond the period of limitation in appropriate case, that section is also proposed to be amended. 5 In a recent decision of the Supreme Court (Board of Revenue Vs. Vidyawati A.I.R. 1962 S.C. 1217) it has been held that while acting under section 56(2) of the Indian Stamp Act, 1899, (which corresponds to section 53(2) of the Mysore Stamps Act, 1957), the Board of Revenue should give the party concerned a reasonable opportunity to be herd in accordance with the principles of natural justice. As the principles of natural justice have to be followed by the Deputy Commissioner and the Chief Controlling Revenue Authority, it is proposed to insert a suitable provision in the Act. It is also considered necessary to make specific provision for rectification of mistakes by the different authorities. The new section 67A has accordingly been proposed. (Published in the Mysore Gazette (Extraordinary) Part IV-2A dated 27-8-1962 as No. 170 at page 25-26.) IV Amending Act 17 of 1966.- In order to ensure the collection of proper stamp duty in the case of awards, gifts and settlements it is considered necessary to charge duty on such instruments on the value of properties instead of on the value as set forth in the instruments. It is also considered necessary to amplify the different classes of instruments falling under Articles 5 and 37 and fix different rates of duty on such instruments. It is also proposed to amend sections 3 and 28, and insert new sections 63A and 67B. Hence the Bill. (Published in the Karnataka Gazette (Extraordinary) Part IV-2A dated 26.03.1966 as No.58 at page 8). V Amending Act 17 of 1971.- In order to raise additional resources to be utilised exclusively for the relief of Bangla Desh refugees, the Government of Mysore has proposed to levy additional stamp duty at the flat rate of ten paise on every instrument chargeable with duty under the Mysore Stamp Act,