Dear All,
As an organization, we are offering interest-free loans to employees. These loans will be repaid through 36 installments deducted from the employees' salaries. To formalize this agreement, we will require employees to sign an Indemnity bond.
Could you please share a draft of the bond that we can review and utilize for this purpose?
Thank you.
From India, Mumbai
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1As an organization, we are offering interest-free loans to employees. These loans will be repaid through 36 installments deducted from the employees' salaries. To formalize this agreement, we will require employees to sign an Indemnity bond.
Could you please share a draft of the bond that we can review and utilize for this purpose?
Thank you.
From India, Mumbai
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Hi, if the loan amount is more than Rs. 20,000/-, tax implications will be there. Please refer to the web link https://blog.cleartax.in/interest-fr...from-employer/.
Instead of an Indemnity Bond, you can take a self-undertaking from the employee (either to pay back in full or to recover in salary in EMIs) on a 20 rupees stamp paper.
From India, Madras
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Instead of an Indemnity Bond, you can take a self-undertaking from the employee (either to pay back in full or to recover in salary in EMIs) on a 20 rupees stamp paper.
From India, Madras
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Indemnity Bond - Format.doc