HDFC Bank Penalized for Tax Discrepancies

Hdfc Bank (HDB) has released an update.

HDFC Bank has been penalized by the Deputy Commissioner of State Tax, Maharashtra, for discrepancies in tax reporting for the fiscal year 2019-20, resulting in a minor fine of Rs. 0.01 crore. The bank faces allegations of delayed invoice reporting, short payment of tax, and disallowance of input tax credit, with a total financial impact estimated at Rs. 0.41 crore. HDFC Bank is considering legal action, including an appeal against the order.

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