Atul Ltd 2020-21

203 Statutory Report 22 - 87 Financial Statements 88 - 229 Corporate Overview 01 - 21 Note 29.5 Current and deferred tax (continued) 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 2020-21 2019-20 a) Statutory income tax rate 25.17% 25.17% b) Differences due to: i) Non-deductible expenses 0.52% 0.19% ii) Exempt income (0.02%) (0.86%) iii) Income tax incentives (1.65%) (0.03%) iv) Effect of deferred tax expense (0.02%) (3.92%) v) Others 1.13% 0.09% Effective income tax rate 25.13% 20.64% d) Current tax liabilities (net) ( ` cr) Particulars As at March 31, 2021 As at March 31, 2020 Opening balance 0.72 0.67 Add: Current tax payable for the year 207.09 212.90 Less: Taxes paid (201.22) (212.85) Closing balance 6.59 0.72 e) Current tax assets (net) ( ` cr) Particulars As at March 31, 2021 As at March 31, 2020 Opening balance 12.92 8.42 Add: Tax paid in advance, net of provisions during the year 1.62 4.50 Closing balance 14.54 12.92 f) Deferred tax liabilities | (assets) The following is the analysis of deferred tax liabilities | (assets) balances presented in the Consolidated Balance Sheet: ( ` cr) Particulars As at March 31, 2021 As at March 31, 2020 Deferred tax liabilities 135.09 114.75 Deferred tax assets (2.21) (6.91) 132.88 107.84