What are the TDS deductions?
TDS is short for Tax Deduction at Source. It is the amount deducted from the money paid at the time of making specified payments such as commission, professional fees, salary, interest etc. by the persons making such payments Know more
For
every payment collected from the client, Morff deducts the service fee (Click here to know more about Service fee) and
applicable taxes before the disbursement to the freelancer. The deductions are
as follows:
- Clients deduct 10% TDS, if the project value is greater than
30,000 INR.
- If you are engaged with the same
client for multiple projects in the same FY and total value of the
projects till date is exceeding 30,000 INR, 10% TDS for the cumulative amount
would be deducted by the client.
- Morff
will deduct 1% TCS if the freelancers have GST Registration. This is a norm for all the marketplace platforms.