Siemens receives potential tax demand order of Rs.29.4 crore from Income Tax Department
Technology firm Siemens Ltd on Friday (August 30) said it has received a potential tax demand order from the Deputy Commissioner of Income Tax, Circle 8(2)(1), totalling approximately Rs.29.4 crore.
"This is to inform you that on 30th August 2024 at around 12.15 pm, the Company received an order from the Deputy Commissioner of Income-tax, Circle 8(2)(1) with a potential tax demand of INR 293.87 million (approx.) (the ‘Order’)," according to a stock exchange filing.
This order adds to the company's ongoing tax litigations and disputes, bringing the cumulative amount involved to roughly Rs.77.5 crore.
"After considering this Order, the total cumulative amount involved in ongoing litigations and disputes with the Deputy Commissioner of Income-tax, Circle 8(2)(1) as of date is INR 774.76 million (approx.), which exceeds the current materiality threshold of the company," it said.
