135 / 220
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