HDFC Bank Faces Penalty Over Tax Credit
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HDFC Bank has been penalized Rs. 0.08 crore by the Deputy Commissioner of State Tax, Maharashtra, for allegedly claiming excess input tax credit in the fiscal year 2019-20. The total financial impact amounts to Rs. 1.69 crore, including tax, interest, and penalties. The bank is considering legal options, including an appeal. This update has been disclosed to the New York Stock Exchange as per regulatory requirements.
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