Hdfc Bank (HDB) has released an update.
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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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