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Indemnity bond by vendor

(Querist) 30 January 2015 This query is : Resolved 
One of our vendor has requested not to deduct TDS on his bills and ready to execute indemnity bond.

Can we execute Indemnity bond as such ? and if yes will that be on stamp paper or mere letter will do ?


Please advise
Report Abuse
Guest (Expert) 30 January 2015
He may be asked to bring exemption certificate from the Assessing Officer. Otherwise, it is only your liability to deduct and remit the TOC. You cannot entertain any indemnity bond from your vendor for and on behalf of the IT Department.
Rajendra K Goyal (Expert) 30 January 2015
You can not obtain Indemnity Bond, ask to obtain permission from IT department.

vinayak (Querist) 31 January 2015
Thanks a lot for your valuable advice.
T. Kalaiselvan, Advocate (Expert) 01 February 2015
Well advised by experts, nothing more to add.
Guest (Expert) 01 February 2015
You are welcome.

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