Indemnity bond format for correction in 26QB

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If you've filed a correction for Form 26QB and the Income Tax Department requires an indemnity bond, this discussion provides a sample format. The bond is executed in favour of the President of India to cover potential discrepancies or expenses arising from the correction, such as a change in the date of deduction. It outlines the indemnifier's agreement to refund tax and keep the government harmless.

Purvi

Purvi (Querist)

16 March 2022 I have filed correction in 26QB with regard to change in date of deduction in 26 QB. Income tax department has asked me to submit indemnitybond of 500. can any one please provide with FORMAT of the same.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

17 March 2022 THIS INDEMNITY BOND executed on the Day of……
……………………………………BY …………………son of ……………………….
resident of………………………………………………………………………………
carrying on business under the name and style of ……………………………………..
at ……………………………………having its registered office at……………………
(hereinafter called ‘the indemnifier’)

which expression shall unless excluded by or repugnant to the context be deemed
to include his heirs, executors, administrators, legal representatives, successors and permitted assigns) IN FAVOUR OF the President of India (hereinafter called ‘the Government’ which expression shall unless excluded by or repugnant to the context be deemed to include his successors or assigns)

WHEREAS on the …………………………… day of …………………………………
Form No .26QB (herein after called ‘the form’) had been e-filed by the indemnifier
towards income tax deduction under section 194 IA of the Income tax Act, 1961
for the assessment year …………….

AND WHEREAS the Indemnifier has represented to the Government that the date of deduction of tax filled in the form is wrong and the correct date of deduction of tax is ………………..

AND WHEREAS at the request of the Indemnifier the Government has agreed to correct
the date of deduction as…………………..upon the Indemnifier giving such indemnity as hereinafter contained.

NOW IT IS HEREBY AGREED by and between the parties hereto as follows :-

In consideration of the said premises and of the agreement on the part of the
Government in correcting the date in the form as……………… the indemnifier both hereby agree and undertake to refund to the Government on demand and without demur of a sum of Rs …………………….being the tax deducted under section 194IA and indemnify the Government and keep the Government harmless and indemnified from and against all expenses which may be incurred by the Government in relation hereto or in connection therewith.

IN WITNESS WHEREOF the indemnifier hereto have set and subscribed his respective hand hereunto on the day and year first above written.

Signed (Indemnifier)

WITNESSESS:-

1.…………………………

2. ………………………..

THIS INDEMNITY BOND executed on the Day of……
……………………………………BY …………………son of ……………………….
resident of………………………………………………………………………………
carrying on business under the name and style of ……………………………………..
at ……………………………………having its registered office at……………………
(hereinafter called ‘the indemnifier’)

which expression shall unless excluded by or repugnant to the context be deemed
to include his heirs, executors, administrators, legal representatives, successors and permitted assigns) IN FAVOUR OF the President of India (hereinafter called ‘the Government’ which expression shall unless excluded by or repugnant to the context be deemed to include his successors or assigns)

WHEREAS on the …………………………… day of …………………………………
Form No .26QB (herein after called ‘the form’) had been e-filed by the indemnifier
towards income tax deduction under section 194 IA of the Income tax Act, 1961
for the assessment year …………….

AND WHEREAS the Indemnifier has represented to the Government that the date of deduction of tax filled in the form is wrong and the correct date of deduction of tax is ………………..

AND WHEREAS at the request of the Indemnifier the Government has agreed to correct
the date of deduction as…………………..upon the Indemnifier giving such indemnity as hereinafter contained.

NOW IT IS HEREBY AGREED by and between the parties hereto as follows :-

In consideration of the said premises and of the agreement on the part of the
Government in correcting the date in the form as……………… the indemnifier both hereby agree and undertake to refund to the Government on demand and without demur of a sum of Rs …………………….being the tax deducted under section 194IA and indemnify the Government and keep the Government harmless and indemnified from and against all expenses which may be incurred by the Government in relation hereto or in connection therewith.

IN WITNESS WHEREOF the indemnifier hereto have set and subscribed his respective hand hereunto on the day and year first above written.

Signed (Indemnifier

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