162 Annual Report 2023-24 Atul Ltd b) Income tax expense recognised in the other comprehensive income: (` cr) Particulars 2023-24 2022-23 i) Current tax Remeasurement gain | (loss) on defined benefit plans 0.06 0.94 Total current tax expenses 0.06 0.94 ii) Deferred tax Fair value of equity investment 21.22 (11.81) Effective portion of gain | (loss) on cash flow hedges (0.03) (0.14) Total deferred tax expenses | (benefits) 21.19 (11.95) Income tax expenses 21.25 (11.01) c) T he reconciliation between the statutory income tax rate applicable to the Company and the effective income tax rate of the Company is as follows Particulars 2023-24 2022-23 a) Statutory income tax rate 25.17% 25.17% b) Differences due to: i) Non-deductible expenses 0.76% 0.71% ii) Income tax incentives (1.28%) (1.53%) iii) Others (0.15%) 0.04% Effective income tax rate 24.52% 24.39% d) Current tax assets (` cr) Particulars As at March 31, 2024 As at March 31, 2023 Opening balance 6.35 6.89 Add: Taxes paid in advance, net of provision during the year (6.04) (0.54) Closing balance 0.31 6.35 e) Current tax liabilities (` cr) Particulars As at March 31, 2024 As at March 31, 2023 Opening balance - 6.70 Add: Current tax payable for the year 105.49 170.29 Less: Taxes paid (105.49) (176.99) Closing balance - - Note 29.5 Current and deferred tax (continued)
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