Atul Ltd 2017-18

133 Note 27.5 Current and Deferred tax (continued) d) Current tax assets ( ` cr) Particulars As at March 31, 2018 As at March 31, 2017 Opening balance – 3.11 Add: Tax paid in advance, net of provisions during the year 0.67 (3.11) Closing balance 0.67 – e) Current tax liabilities ( ` cr) Particulars As at March 31, 2018 As at March 31, 2017 Opening balance 1.99 – Add: Current tax payable for the year 102.21 79.73 Less: Taxes paid (96.19) (77.74) Closing balance 8.01 1.99 f) Deferred tax liabilities (net) The balance comprises temporary differences attributable to the below items and corresponding movement in deferred tax liabilities | (assets): ( ` cr) Particulars As at March 31, 2018 (Charged) | Credited to profit or loss | OCI | equity As at March 31, 2017 (Charged) | Credited to profit or loss | OCI | equity As at March 31, 2016 Property, plant and equipment 140.33 1.59 138.74 61.26 77.48 Total deferred tax liabilities 140.33 1.59 138.74 61.26 77.48 Provision for leave encashment (8.58) 0.46 (9.04) (1.23) (7.81) Provision for doubtful debts (0.91) 0.19 (1.10) 0.22 (1.32) Provision for doubtful advances – – – 0.07 (0.07) Investment properties (6.21) (2.26) (3.95) (0.18) (3.77) Unrealised MTM losses on derivatives (CIRS) – 1.75 (1.75) (1.75) – Cash flow hedges 0.02 0.27 (0.25) 0.06 (0.31) MAT credit entitlement – 22.90 (22.90) (22.90) – Total deferred tax assets (15.68) 23.31 (38.99) (25.71) (13.28) Net deferred tax liabilities | (assets) 124.65 24.90 99.75 35.55 64.20 g) Unrecognised temporary differences The Company has not recognised deferred tax liability | asset associated with fair value gain | (loss) on equity share measured at OCI as based on the Management projection of future taxable income and existing plan, it is not probable that such difference will reverse in the foreseeable future. h) Effective income tax rate The effective income tax rate up to March 31, 2018 was 34.61%. The increase in effective income tax rate to 34.94% was announced in Union Budget 2018 which was substantively enacted on March 29, 2018 and has been in effect from April 01, 2018. As a result, the relevant deferred tax balances has been remeasured using revised effective income tax rate. Notes to the Financial Statements