Fine of Rs 564 crore on government bank, BOI raised voice against the decision

Ronit Kawale
Ronit Kawale - Senior Editor
2 Min Read
Fine of Rs 564 crore on government bank, BOI raised voice against the decision


New Delhi. The Income Tax Department does not spare anyone for tax evasion, be it a common taxpayer or a businessman. However, most of the actions related to this are heard against traders, companies and common taxpayers. But, the IT department does not fail to take action against government institutions also. The Income Tax Department has taken penalty action against a government bank. Income Tax Department Bank of India (BOI) A fine of Rs 564.44 crore has been imposed.

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The public sector bank said on Thursday that it will approach the Income Tax Commissioner, National Faceless Appeal Center against this order. (NAFC) Is in the process of filing an appeal before. It said that the bank believes that it has sufficient factual and legal basis to properly justify its position in this matter.

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Why was this huge fine imposed on the bank?
The bank said in a communication to the stock exchange, “It has received an order from the Income Tax Department, Assessment Unit under Section 270A of the Income Tax Act, 1961 related to the Assessment Year 2018-19, imposing a penalty of Rs 564.44 crore on violations of various rules.” has been applied.” The bank said, “Therefore it is expected that the entire penalty demand will be reduced. In such a situation, there will be no impact on the financial, operational or other activities of the bank.

(with input from language)

Tags: Bank, Bank fraud, Bank holiday list, Income tax department

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