If an assessee paid Rs. 5,00,000/- in advance to a chartered accountant for sanction of loan and has not deducted TDS on it. What are the consequences and penalties?
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Tds on advance payment of professional fees
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Assessee will deemed defaulter and will have to pay intrest u/s 201(1A) and penalty as applicable for non deduction will be attracted if conditions of that are fulfilled.
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