Tamilnad Mercantile Bank (TMB) has announced that errors identified during an Income Tax (I-T) department spot verification are being rectified. The private sector lender stated that certain deficiencies were observed in specific financial transactions but assured customers that the bank’s operations are unaffected. TMB submitted the necessary returns and is addressing the errors and deficiencies highlighted by the I-T department. The bank emphasized that this development will not impact its financial statements, which have been filed with the requisite authorities. TMB stated that it is fully compliant with its legal obligations and is providing all necessary details to the Income Tax department.
Errors Corrected in TMB’s On-Site Verification of Income Tax
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