TDS Deduction and Reimbursement

 

This article is to give you a brief about the TDS (Tax Deducted at Source) process. TDS is applicable on Instamojo fees in the below scenarios:

  • If the fees charged on you are greater than Rs. 15,000 in a financial year.

How to pay TDS?

To pay the TDS, follow the below steps:

  • Download the invoice from your Instamojo Dashboard - simply log in to your dashboard and click on your profile name. GST_Inovices_.png
  • From the dropdown menu, select GST Invoices. Note that the GST invoices are published here at the beginning of every next month. 

GST_Invoice.png

  • Based on the invoice, deposit TDS on behalf of Instamojo Research and Development Pvt. Ltd(Refer here for TDS payments: TDS payment). 
  • Email the digitally signed certificate for deposited TDS (Form 16A) to support@instamojo.com, along with the below details:
    • Your registered email address and username

    • Your legal entity name

    • Name as on bank account

    • Bank account number

    • IFSC code

  • Post receipt of the certificate, Instamojo will reimburse the TDS amount. It can take up to 15 days to process the payment.  

Notes:

  • When it comes to Income Tax Section codes, for all commission-related bills, the 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).  

 

 

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