236 Atul Ltd | Annual Report 2021-22 Note 29.5 Current and deferred tax (continued) 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 (1.82) (0.34) Total current tax expense (1.82) (0.34) ii) Deferred tax Fair value equity investment 2.64 9.68 Effective portion of gain | (loss) on cash flow hedges 0.13 0.15 Foreign currency translation reserve 0.04 0.46 Total deferred tax expense | (benefit ) 2.81 10.29 Income tax expense 0.99 9.95 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 2021-22 2020-21 a) Statutory income tax rate 25.17% 25.17% b) Differences due to: i) Non-deductible expenses 0.30% 0.52% ii) Exempt income (0.74%) (0.02%) iii) Income tax incentives (0.29%) (1.65%) iv) Effect of deferred tax expense - (0.02%) v) Others 0.88% 1.13% Effective income tax rate 25.32% 25.13% d) Current tax liabilities (net) (` cr) Particulars As at March 31, 2022 As at March 31, 2021 Opening balance 6.59 0.72 Add: Current tax payable for the year 213.51 207.09 Less: Taxes paid (208.38) (201.22) Closing balance 11.72 6.59 e) Current tax assets (net) (` cr) Particulars As at March 31, 2022 As at March 31, 2021 Opening balance 14.54 12.92 Add: Tax paid in advance, net of provisions during the year (4.96) 1.62 Closing balance 9.58 14.54
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