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 2024-25 2023-24 a) Statutory income tax rate 25.17% 25.17% b) Differences due to: i) Non-deductible expenses 2.09% 2.93% ii) Exempt income (0.08%) (0.02%) iii) Income tax incentives (1.51%) (1.45%) iv) Effect of deferred tax expense 0.00% 0.00% v) Others 2.30% 1.44% Effective income tax rate 27.97% 28.07% d) Current tax assets (net) (` cr) Particulars As at March 31, 2025 As at March 31, 2024 Opening balance 5.04 13.98 Tax paid in advance, net of provisions during the year (2.41) (8.94) Closing balance 2.63 5.04 e) Current tax liabilities (net) (` cr) Particulars As at March 31, 2025 As at March 31, 2024 Opening balance 0.23 2.91 Current tax payable for the year 158.12 113.64 Taxes paid (153.11) (116.32) Closing balance 5.24 0.23 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, 2025 As at March 31, 2024 Deferred tax liabilities 225.33 174.15 Deferred tax assets (21.41) (21.25) 203.92 152.90 Note 30.5 Current and deferred tax (continued) 278 278 Integrated Annual Report 2024-25
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