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Indemnity bond

14 September 2016

To give response to income tax CPC against intimation u/s 143(1)... On how much rupees bond paper, indemnity bond should get printed...? Does assessee needs to sign on indemnity bond? Does witness also required to sign??

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (161443 Points)
Replied 15 September 2016

For any response to intimation u/s. 143(1), usually Indemnity bond is not required. For any demand more than Rs. 25000/-, Indemnity bond is created on Rs. 100/- paper, and usually signed before Notary.

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CA JAYESH RELKAR (CA) (335 Points)
Replied 15 September 2016

As per new procedure he is asking for it... When you select disagree with demand... Then in last second option you will find that he is asking for it....

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (161443 Points)
Replied 15 September 2016

ANNEXURE A

Format for Indemnity Bond (to be typed on non-judicial Stamp Paper of Rs. 100):

INDEMNITY BOND

This Bond of indemnity is made this . . . . . . . . . . . (Date of indemnity Bond) in favour of Government of India (Department of Finance) i.e. Income Tax Department by Mr./Mrs/Ms. . . . . . . . . . . . . . . . . . . . . . (Name of the Indemnifier) Son of/Daughter of/ Wife of . . . . . . . . . . . on behalf of self or M/s . . . . . . . . . . . . . . .

PAN . . . . . . . . . . .

Status . . . . . . . . . . .

WHEREAS This is to undertake:

1. That I had filed my Income Tax Return for the Assessment Year . . . . . . . . . . .

2. That TDS claimed in the return of Rs. . . . . . . . . . . . belongs to me as per TDS certificates mentioned below

Name of Deductor, TAN of deductor, Date of TDS certificate, Amount

a.		. . . . . . . . . . . . . . . . . .
b.		. . . . . . . . . . . . . . . . . .

That Challan(s) paid for Rs. . . . . . . . . . . . . . . . . . . belongs to me as given below:

Date of Payment, Bank through which payment made, Amount

a.		. . . . . . . . . . . . . . . . . .
b.		. . . . . . . . . . . . . . . . . .

3. That in case it is found that the TDS certificates / Challan does not belong to me then the executor of this bond indemnify the Government of India (Ministry of Finance) for the loss, claim and excess amount of refund, if any, in all respect.

The executor of this bond indemnifies the Government of India (Ministry of Finance) and keep it indemnified against all costs, damages, charges and expenses, Excess amount of refund, interest, reduction in demand and also against all sum/money, whether for damages, costs, charges, expenses or otherwise.

In witness where of this bond is executed today this . . . . . . . . . . . . . . . . . . (Date)

(. . . . . . . . . . . . .)

. . . . . . . . . . . . .