191 / 220
189
Note 29.5 Current and Deferred tax
(continued)
b) Income tax expense recognised in Statement of Other Comprehensive Income:
(
`
cr)
Particulars
2017-18
2016-17
i)
Current tax
Remeasurement gain | (loss) on defined benefit plans
0.95
0.85
Total current tax expense
0.95
0.85
ii)
Deferred tax
Effective portion of gain | (loss) on cash flow hedges
0.02
(0.25)
Total deferred tax expense | (benefit)
0.02
(0.25)
Income tax expense
0.97
0.60
c) The reconciliation between the Statutory income tax rate applicable to the Group and the effective income
tax rate of the Group is as follows:
Particulars
2017-18
2016-17
a) Statutory income tax rate
34.61%
34.61%
b) Differences due to:
i)
Expenses not deductible for tax purposes
1.05%
0.76%
ii)
Income exempt from income tax
(1.63%)
(2.33%)
iii)
Income tax incentives
(0.50%)
(3.37%)
iv)
Others
(1.69%)
(0.04%)
Effective income tax rate
31.84%
29.63%
d) Current tax liabilities (net)
(
`
cr)
Particulars
As at
March 31, 2018
As at
March 31, 2017
Opening balance
3.39
0.59
Add: Current tax payable for the year
108.16
87.11
Less: Taxes paid
(103.42)
(84.31)
Closing balance
8.13
3.39
e) Current tax assets (net)
(
`
cr)
Particulars
As at
March 31, 2018
As at
March 31, 2017
Opening balance
1.21
4.36
Add: Tax paid in advance, net of provisions during the year
1.37
(3.15)
Closing balance
2.58
1.21
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, 2018
As at
March 31, 2017
Deferred tax liabilities
129.55
104.09
Deferred tax assets
(5.01)
(2.67)
124.54
101.42
Notes
to the Consolidated Financial Statements