Atul Ltd 2019-20

203 Consolidated | Notes to the Financial Statements b) Income tax expense recognised in statement of other comprehensive income: ( ` cr) Particulars 2019-20 2018-19 i) Current tax Remeasurement gain | (loss) on defined benefit plans (0.53) (0.08) Total current tax expense (0.53) (0.08) ii) Deferred tax Fair value equity investment 4.24 11.00 Effective portion of gain |(loss) on cash flow hedges (0.41) 0.43 Foreign currency translation reserve 3.40 - Total deferred tax expense | (benefit ) 7.23 11.43 Income tax expense 6.70 11.35 c) T he reconciliation between the statutory income tax rate applicable to the Group and the effective income tax rate of the Group is as follows: Particulars 2019-20 2018-19 a) Statutory income tax rate 25.17% 34.94% b) Differences due to: i) Non-deductible expenses 0.19% 0.49% ii) Exempt income (0.86%) (0.40%) iii) Income tax incentives (0.03%) (1.15%) iv) Effect of deferred tax expense (3.92%) - v) Others 0.09% 2.03% Effective income tax rate 20.64% 35.91% The Company and certain subsidiary companies have adopted the option available under Section 115 BAA of the Income Tax Act, 1961 accordingly statutory income tax rate is revised to 25.17%. d) Current tax liabilities (net) ( ` cr) Particulars As at March 31, 2020 As at March 31, 2019 Opening balance 0.67 8.13 Add: Current tax payable for the year 212.90 243.62 Less: Taxes paid (212.85) (251.08) Closing balance 0.72 0.67 e) Current tax assets (net) ( ` cr) Particulars As at March 31, 2020 As at March 31, 2019 Opening balance 8.42 2.58 Add: Tax paid in advance, net of provisions during the year 4.50 5.84 Closing balance 12.92 8.42 Note 29.5 Current and deferred tax (continued)