165 Statutory Reports 24 - 109 Financial Statements 110 - 263 Corporate Overview 01 - 23 Note 28.5 Current and deferred taxes The major components of income tax expense for the years ended March 31, 2022, and March 31, 2021, are: a) Income tax expense recognised in the Statement of Profit and Loss (` cr) Particulars 2021-22 2020-21 i) Current tax Current tax on profit for the year 200.61 200.69 Adjustments for current tax of prior periods - (1.50) Total current tax expense 200.61 199.19 ii) Deferred tax (Decrease) | Increase in deferred tax liabilities (2.39) (0.90) Decrease | (Increase) in deferred tax assets (1.78) (1.43) Total deferred tax expense | (benefit ) (4.17) (2.33) Income tax expense 196.44 196.86 b) Income tax expense recognised in the other comprehensive income (` cr) Particulars 2021-22 2020-21 i) Current tax Remeasurement gain | (loss) on defined benefit plans (1.70) (0.27) Total current tax expenses (1.70) (0.27) ii) Deferred tax Fair value of equity investment 2.53 9.61 Effective portion of gain | (loss) on cash flow hedges 0.13 0.15 Total deferred tax expenses | (benefits) 2.66 9.76 Income tax expenses 0.96 9.49 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 2021-22 2020-21 a) Statutory income tax rate 25.17% 25.17% b) Differences due to: i) Non-deductible expenses 0.39% 0.53% ii) Exempt income (0.73%) (0.02%) iii) Income tax incentives (0.27%) (1.77%) iv) Others (0.13%) (0.13%) Effective income tax rate 24.43% 23.78%
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