Amal Ltd 2017-18

Amal Ltd | Annual Report 2017-2018 Note 22 Income and deferred taxes a) Income tax expense recognized in the Statement of Profit or Loss: ( ` 000) Particulars As at March 31, 2018 As at March 31, 2017 Current tax Current tax on profits for the year - - Total current tax expense - - Deferred tax Decrease | (Increase) in deferred tax assets 12,467 7,995 (Decrease) | Increase in deferred tax liabilities (12,467) (7,995) Total deferred tax expense | (benefit) - - Income tax expense - - b) Reconciliation of tax expense and the accounting profit multiplied by statutory income tax rate: ( ` 000) Particulars As at March 31, 2018 As at March 31, 2017 Profit before income tax expense 97,041 88,866 Tax at the Indian tax rate of 27.82% 26,997 30,755 Expenses not allowable for tax purposes 6,190 - Utilisation of unabsorbed business losses and unabsorbed depreciation (33,187) (30,755) Income tax expense charged to the Statement of Profit and Loss - - c) Tax losses and Tax credits ( ` 000) Particulars As at March 31, 2018 As at March 31, 2017 Unused tax losses for which no deferred tax asset has been recognised 10,905 1,08,036 Notes: i) During 2017-18, the unrecognised past tax losses of ` 1,192.92 lakhs (March 31, 2017: ` 888.66 lakhs) have been used to reduce the current year tax of ` 331.87 lakhs (March 31, 2017: ` 307.55 lakhs), after considering unabsorbed depreciation to the extent of ` 792.18 lakhs (March 31,2017: ` 996.47 lakhs) ii) The Company was declared sick by the BIFR under Section 17(1) of SICA (Special Provisions), 1985 and hence MAT under Section 115JB of the Income Tax Act, 1961 is not applicable. Notes to the Financial Statements