Technology giant Siemens Ltd announced on Friday, August 30, that it has received a new tax demand order from the Deputy Commissioner of Income Tax, Circle 8(2)(1), amounting to approximately ₹29.4 crore. This demand was disclosed in a stock exchange filing, where the company stated that the order was received at around 12:15 PM on August 30.
This latest tax demand escalates Siemens' ongoing tax litigations and disputes, pushing the cumulative amount involved to around ₹77.5 crore. The company acknowledged that this total now exceeds its current materiality threshold, indicating a noteworthy financial consideration.
Despite the significant increase in the total disputed amount, Siemens Ltd reassured stakeholders that it does not foresee any material financial impact from these orders.
On the BSE, shares of Siemens Ltd closed at ₹6,896.85, marking a modest gain of ₹27.05 or 0.39%.
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