240 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 30.5 Current and deferred tax The major components of income tax expense for the years ended March 31, 2023, and March 31, 2022, are: a) Income tax expense recognised in the Consolidated Statement of Profit and Loss (` cr) Particulars 2022-23 2021-22 i) Current tax Current tax on profit for the year 179.38 212.88 Adjustments for current tax of prior periods (0.22) 0.63 Total current tax expense 179.16 213.51 ii) Deferred tax (Decrease) | Increase in deferred tax liabilities (12.33) 12.10 Decrease | (Increase) in deferred tax assets 14.38 (20.61) Total deferred tax expense | (benefit ) 2.05 (8.51) Income tax expense 181.21 205.00 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 1.07 (1.82) Total current tax expense 1.07 (1.82) ii) Deferred tax Fair value equity investment (11.86) 2.64 Effective portion of gain | (loss) on cash flow hedges (0.13) 0.13 Foreign currency translation reserve 0.17 0.04 Total deferred tax expense | (benefit ) (11.82) 2.81 Income tax expense (10.75) 0.99 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 2022-23 2021-22 a) Statutory income tax rate 25.17% 25.17% b) Differences due to: i) Non-deductible expenses 2.16% 0.30% ii) Exempt income (0.33%) (0.74%) iii) Income tax incentives (3.23%) (0.29%) iv) Effect of deferred tax expense 0.01% - v) Others 2.57% 0.88% Effective income tax rate 26.35% 25.32% d) Current tax liabilities (net) (` cr) Particulars As at March 31, 2023 As at March 31, 2022 Opening balance 9.58 14.54 Tax paid in advance, net of provisions during the year 4.40 (4.96) Closing balance 13.98 9.58
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