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.

Also Read: Wipro appoints Srikumar Rao as global head of engineering edge business line

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.

The total now surpasses Siemens’ current materiality threshold, signalling a significant financial consideration for the company. “The company does not envisage any material financial impact on account of these orders,” it added.

Also Read: Insecticides India approves ₹50-crore buyback at ₹1,000 per share — check record date

Shares of Siemens Ltd ended at ₹6,896.85, up by ₹27.05, or 0.39% on the BSE.