Siemens Ltd said that they have received a tax demand notice worth Rs 29.4 crore from the Deputy Commissioner of Income Tax. 

In its regulatory filing, the company said, “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’).”

This tax order add to the company’s ongoing tax litigations and disputes, taking the total amount to around Rs 77.5 crore. 

The company added, “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.”

The company said that they don’t see any material financial impact on account of these tax orders.

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