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of <h1>New Section 62A in Indian Stamp Act Imposes Severe Penalties for Non-Compliance with Section 9A Requirements</h1> Section 62A, introduced in the Indian Stamp Act, 1899, outlines penalties for non-compliance with section 9A. It mandates fines for failing to collect or transfer stamp duty as required. Specifically, failure to collect or transfer the duty to the State Government within the stipulated time incurs a fine ranging from one lakh rupees to one percent of the defaulted amount. Additionally, failing to submit transaction details or submitting false documents results in a penalty of one lakh rupees per day of continued failure, capped at one crore rupees.
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