236 Annual Report 2023-24 Atul Ltd 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 2023-24 2022-23 a) Statutory income tax rate 25.17% 25.17% b) Differences due to: i) Non-deductible expenses 2.93% 2.16% ii) Exempt income (0.02%) (0.33%) iii) Income tax incentives (1.45%) (3.23%) iv) Effect of deferred tax expense 0.00% 0.01% v) Others 1.44% 2.57% Effective income tax rate 28.07% 26.35% d) Current tax assets (net) (` cr) Particulars As at March 31, 2024 As at March 31, 2023 Opening balance 13.98 9.58 Tax paid in advance, net of provisions during the year (8.94) 4.40 Closing balance 5.04 13.98 e) Current tax liabilities (net) (` cr) Particulars As at March 31, 2024 As at March 31, 2023 Opening balance 2.91 11.72 Current tax payable for the year 113.64 179.16 Taxes paid (116.32) (187.97) Closing balance 0.23 2.91 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, 2024 As at March 31, 2023 Deferred tax liabilities 174.15 133.82 Deferred tax assets (21.25) (16.41) 152.90 117.41 Note 30.5 Current and deferred tax (continued)
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