170 Atul Ltd | Annual Report 2022-23 Atul Ltd | Annual Report 2022-23 Atul Ltd Atul House G I Patel Marg Ahmedabad 380 014, Gujarat India Atul Ltd | Annual Report 2022-23 Reconnect | Reimagine | Regrow Corporate Overview Statutory Reports Financial Statements Note 29.5 Current and deferred tax The major components of income tax expense for the years ended on March 31, 2023, and March 31, 2022, are: a) Income tax expense recognised in the Statement of Profit and Loss (` cr) Particulars 2022-23 2021-22 i) Current tax Current tax on profit for the year 170.06 200.61 Adjustments for current tax of prior periods 0.23 - Total current tax expense 170.29 200.61 ii) Deferred tax (Decrease) | Increase in deferred tax liabilities 3.96 (2.39) Decrease | (Increase) in deferred tax assets 3.81 (1.78) Total deferred tax expense | (benefit ) 7.77 (4.17) Income tax expense 178.06 196.44 b) Income tax expense recognised in the other comprehensive income (` cr) Particulars 2022-23 2021-22 i) Current tax Remeasurement gain | (loss) on defined benefit plans 0.94 (1.70) Total current tax expenses 0.94 (1.70) ii) Deferred tax Fair value of equity investment (11.81) 2.53 Effective portion of gain | (loss) on cash flow hedges (0.14) 0.13 Total deferred tax expenses | (benefits) (11.95) 2.66 Income tax expenses (11.01) 0.96 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 2022-23 2021-22 a) Statutory income tax rate 25.17% 25.17% b) Differences due to: i) Non-deductible expenses 0.71% 0.39% ii) Exempt income - (0.73%) iii) Income tax incentives (1.53%) (0.27%) iv) Others 0.04% (0.13%) Effective income tax rate 24.39% 24.43% d) Current tax assets (` cr) Particulars As at March 31, 2023 As at March 31, 2022 Opening balance 6.89 10.99 Taxes paid in advance, net of provision during the year (0.54) (4.10) Closing balance 6.35 6.89
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