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Stamp Duty Law: Stamp Duty on Bills of Exchange

This quiz will test your knowledge on Stamp Duty Law: Stamp Duty on Bills of Exchange.

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

What is the amount of stamp duty payable on a bill of exchange drawn in India and payable outside India?

  1. 0.005%
  2. 0.01%
  3. 0.02%
  4. 0.03%
Question 2 Multiple Choice (Single Answer)

What is the amount of stamp duty payable on a bill of exchange drawn outside India and payable in India?

  1. 0.01%
  2. 0.02%
  3. 0.03%
  4. 0.04%
Question 3 Multiple Choice (Single Answer)

What is the amount of stamp duty payable on a bill of exchange drawn in India and payable in India?

  1. 0.02%
  2. 0.03%
  3. 0.04%
  4. 0.05%
Question 4 Multiple Choice (Single Answer)

What is the maximum amount of stamp duty that can be charged on a bill of exchange?

  1. Rs. 100
  2. Rs. 200
  3. Rs. 300
  4. Rs. 400
Question 5 Multiple Choice (Single Answer)

Who is liable to pay stamp duty on a bill of exchange?

  1. The drawer
  2. The acceptor
  3. The payee
  4. The endorser
Question 6 Multiple Choice (Single Answer)

When is stamp duty payable on a bill of exchange?

  1. At the time of drawing the bill
  2. At the time of acceptance of the bill
  3. At the time of payment of the bill
  4. At the time of endorsement of the bill
Question 7 Multiple Choice (Single Answer)

What is the penalty for not paying stamp duty on a bill of exchange?

  1. A fine of Rs. 100
  2. A fine of Rs. 200
  3. A fine of Rs. 300
  4. A fine of Rs. 400
Question 8 Multiple Choice (Single Answer)

What is the procedure for paying stamp duty on a bill of exchange?

  1. Affixing a stamp of the appropriate value on the bill
  2. Writing the amount of stamp duty on the bill
  3. Paying the stamp duty to the stamp vendor
  4. All of the above
Question 9 Multiple Choice (Single Answer)

What is the purpose of stamp duty on bills of exchange?

  1. To generate revenue for the government
  2. To discourage the use of bills of exchange
  3. To protect the interests of the parties to a bill of exchange
  4. None of the above
Question 10 Multiple Choice (Single Answer)

Is stamp duty payable on a bill of exchange that is drawn for a period of less than 30 days?

  1. Yes
  2. No
Question 11 Multiple Choice (Single Answer)

Is stamp duty payable on a bill of exchange that is drawn for a period of more than 30 days but less than 12 months?

  1. Yes
  2. No
Question 12 Multiple Choice (Single Answer)

Is stamp duty payable on a bill of exchange that is drawn for a period of more than 12 months?

  1. Yes
  2. No
Question 13 Multiple Choice (Single Answer)

What is the amount of stamp duty payable on a bill of exchange that is drawn for a period of more than 12 months?

  1. 0.03%
  2. 0.04%
  3. 0.05%
  4. 0.06%
Question 14 Multiple Choice (Single Answer)

What is the maximum amount of stamp duty that can be charged on a bill of exchange that is drawn for a period of more than 12 months?

  1. Rs. 200
  2. Rs. 300
  3. Rs. 400
  4. Rs. 500
Question 15 Multiple Choice (Single Answer)

What is the penalty for not paying stamp duty on a bill of exchange that is drawn for a period of more than 12 months?

  1. A fine of Rs. 300
  2. A fine of Rs. 400
  3. A fine of Rs. 500
  4. A fine of Rs. 600
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