Are you selling on Limeroad? If yes, then you must know about the Lower deduction of TDS in the case of Limeroad for the period covering December 2020 to March 2021.
It is to be noted that every Seller Partner on Limeroad who is required to deduct TDS is now hereby required to deduct TDS at a lower rate as specified in the Certificate u/s 197(1) for PAN: AAKCA6148C.
Being a deductor on Limeroad, they were required to deduct the TDS u/s 194H as per the reduced rate of TDS as our finance minister has prescribed in the notification. For more information refer to the below link
For Limeroad Sellers, they are required to deduct the TDS at the rate as specified in the Lower TDS Certificate u/s 197.
To know more about how you can download Lower TDS Certificate u/s 197. Click here.
As stated in the certificate every Deductor(s) with TAN/PAN as stated in the certificate in column number 3 is hereby authorized to make payment or credit the amount under section 194H (as mentioned in column number 5) to the extent i.e. up to the amount specified in the certificate (column number 7) after deducting the tax at the rate as mentioned under column number 8 i.e. 1%, excluding education cess/ charges as applicable to the account of A.M. MARKETPLACES PRIVATE LIMITED.
Lower TDS Certificate u/s 197 highlights
|Certificate u/s 197 validity||From 18th December 2020 and is valid till 31st March 2021, date (as per the original certificate)|
|Lower TDS Certificate||F.Y. 2020-21|
|Deductee||A.M. MARKETPLACES PRIVATE LIMITED|
|Amount on which deduction is to be made||Net Commission raised by Limeroad|
What will happen if the seller does not deduct the TDS as per the Lower TDS Certificate u/s 197?
If TDS is deducted at a higher rate than the rate mentioned in the Lower TDS Certificate i.e. 1 % then the deductee i.e. Limeroad will not be liable to reimburse the excess amount.
It is, therefore, requested that the seller consider the mail on utmost priority.
In case of seller want to reach Limeroad in this regard, they can write an email at email@example.com