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 ₹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 ₹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.
Source: CNBC TV18
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