Indemnity bond to issue duplicate form 16

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2018 DO ANY ONE HAS THE FORMAT OF THE INDEMNITY BOND TO BE ISSUED TO THE EMPLOYER FOR AVAILING DUPLICATE FORM 16.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 August 2018 THIS INDEMNITY BOND executed on the Day of
……………………………………BY …………………son of …………………
Resident of…………………………………………………………………………
(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 Mr………… Managing Director of …………….Ltd, having registered office at…………………………. (hereinafter called ‘the Employer’ 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 No16 dated …………. was issued by the employer in favour of the Indemnifier towards filing Income tax return for the assessment year 2018-19.

AND WHEREAS the Indemnifier has represented to the Employer that the said Form No.16 has been lost during transmission by post to him.

AND WHEREAS at the request of the Indemnifier the Employer has agreed to issue a
duplicate form No. 16 for the assessment year 2018-19 upon the Indemnifier giving such indemnity as hereinafter contained.

NOW IT IS HEREBY AGREED by and between the parties hereto as follows :-
1) In consideration of the said premises and of the agreement on the part of the Employer in issuing in favour of the Indemnifier a duplicate Form No.16 for the assessment year 2018-19 the Indemnifier both hereby agree and undertake to refund to the Employer on demand and without demur a sum of Rs……….. in the event of the said Form No 16
No……………………. dated… being used by any other person other than the indemnifier and to indemnify the Employer and keep the Employer harmless and indemnified from and against all expenses which may be incurred by the Employer in relation hereto or in connection therewith.

2) The Employer agrees to bear the stamp duty, if any, chargeable on these presents.

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.……………………………………………………………………………………

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2018 sir what would the indemnified amount?
plus could this indemnity bond culd be made in favour of the company name or the HR or is it mandatory to be made in favour of managing director?

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Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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01 August 2024 Notes:
Indemnified Amount: This amount usually covers any potential legal and financial liabilities the company might face due to the issuance of the duplicate Form 16. It should be discussed with the company's legal or HR department.
Favour of Indemnity: The bond can be made in favor of the company (typically addressed to the HR Manager or Managing Director). It is not mandatory to be made in favor of the Managing Director, but it should be addressed to a senior authority within the company.
Stamp Paper: The bond should be executed on a non-judicial stamp paper of appropriate value as per the state laws where the bond is being executed.
Witnesses: Ensure that the bond is signed in the presence of two witnesses who also sign the bond.
Consult Legal Advisor: Always consult with a legal advisor to ensure the format complies with the company's policies and legal requirements.
This format should serve as a good starting point for creating an indemnity bond for obtaining a duplicate Form 16.