Dear All, As an organization, we are lending interest-free loan to employees. This loan will be recovered from salary in 36 instalments. We will be signing an Indemnity bond with the employees. Kindly share any draft that can be useful.
Thank you
Hi, If the loan amount is more than Rs.20,000/- tax implications will be there.
Please refer the web-link
Instead of Indemnity Bond you can take self undertaking from employee (either to pay back in full or to recover in salary in EMI's )in 20 rupees stamp paper.
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