Currently, we are revamping our referral program to make it more exciting and rewarding. We will notify you whenever we are back with the program.
First of all, thank you for putting your trust in us and referring someone. Unfortunately, only those users will be eligible to earn referral award, who referred or got referred and also invested in atleast one deal before 4th of October 2023.
A referral made by you is successful when the person who has been referred by you, makes their first investment on Grip. Post their investment is when you and your referee get the referral rewards.
Note - Currently, we have paused our referral program, hence you will not receive any new referral reward. You can still redeem the old rewards earned by you.
The Government of India introduced Section 194R in the Income Tax Act, 1961 with effect from July 1, 2022. The referral and reward income that you earn from Grip falls under the purview of the said section. This section mandates that TDS shall be deducted at the rate of 10% on the referral amount paid by the company if the total of such payouts to an individual in a financial year is more than Rs. 20,000.
To comply with the Section 194R in the Income Tax Act, 1961, we shall be deducting TDS at the rate of 10% on all the payouts made to you from July’22 till date and adjusting it against your Vault balance. This TDS will reflect in your 26AS and can be adjusted against your tax liabilities while filing your Income Tax Return.