TDS Guidelines for Selyst Professionals

TDS Guidelines for Selyst Professionals

Some professionals using Selyst may be required to deduct Tax Deducted at Source (TDS) under Indian tax regulations. Selyst does not provide tax advice, and we recommend you consult your tax advisor to understand your obligations.

Applicability of TDS

Selyst and its payment processors are governed by Section 194C of the Income Tax Act, which mandates a 2% TDS on the invoice amount excluding GST.

Reclaiming TDS Paid

Selyst will refund the TDS claimed by refunding the amount directly into the Seller's Bank account upon the submission of the Form 16A.

To claim this:

  1. After filing your quarterly TDS return, generate Form 16A (TDS Certificate).

  2. Submit either an electronically signed PDF or a scanned copy of a physical certificate.

  3. Email it to: support@selyst.com

  4. Use the subject line: “TDS Request”

  5. Send the email from your registered Selyst email ID.

  6. Include a cancelled check, along with a signed declaration from an Authorised Signatory of the company stating the Bank account is that of the company claiming the TDS refund. 

Submission Deadlines

Please follow these timelines strictly to ensure your claim is processed:

Quarter
Form 16A Deadline
Last Date of Submission
April - June
30 July
15 September
July - September
30 October
15 December
October - December
30 January
15 March
January - March
30 April
15 June

We will not be able to accept certificates submitted after the end of the next quarter.

Processing Time

Once your TDS Certificate is verified, the coin credit will be applied to your Selyst account within 7 working days, based on your average coin price, rounded up to the nearest whole coin.

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