TDS for Purchases
This article is relevant only for Indian customers
TDS Requirements
If you are making payments in excess of Rs 30,000 in a tax year, the Indian Govt requires you to deduct TDS on payments. But, because Equip has a prepaid system and a payment gateway, TDS cannot be deducted at the time of making payments. You could do this instead:
- Assume you are purchasing credits worth Rs 10,000
- The TDS is 10% = Rs 1,000
- On Equip, you make the purchase paying Rs 10,000 in full
- You then remit Rs 1,000 on the government portal as TDS
- Share Form 16A with us via email
- We will issue a refund of Rs 1,000 or issue its equivalent in credits
Updated on: 04/12/2024
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