TDS is applicable on Instamojo fees in below scenarios.
- If the fees charged is greater than Rs. 15,000 in a financial year
To pay the TDS, follow below steps.
- Download the invoice from Instamojo in beginning of each month.
- Based on the invoice, deposit TDS on behalf of Instamojo Technologies Pvt. Ltd.
- Email the digitally signed certificate for deposited TDS (Form 16A) to email@example.com, along with below details.
- Post receipt of the certificate, Instamojo will reimburse the TDS amount. It can take up to 15 days to process the payment.
Details needed with the certificate
- Your registered email address and username
- Your legal entity name
- Name as on bank account
- Bank account number
- IFSC code
- When it comes to Income Tax Section codes, for all commission related bills, tax will be deducted as per Section Code 194 H only (Commission or Brokerage).
- Instamojo is not liable for any extra amount deposited by the merchant (you). It is advisable that the TDS is deposited as per the invoice (without taxes).