Amal Ltd 2019-20

91 Note 26.3 Related party disclosures (continued) ( ` lakhs ) Note 26.3 (E) Outstanding balances As at March 31, 2020 As at March 31, 2019 With related parties 1 Loans payable - 709.56 Atul Ltd - 709.56 2 Preference shares 448.94 472.90 Atul Ltd 448.94 472.90 3 Receivables 686.74 1,127.92 Atul Ltd 686.74 1,127.92 4 Payables 38.17 17.85 Atul Ltd 28.25 14.87 Atul Finserv Ltd 9.92 2.98 Note 26.4 Current and deferred tax The Company has continued with old income tax rates for the current year and is evaluating options available under Section 115 BAA of the Income Tax Act, 1961 as per the taxation laws (amendment ) Act, 2019 dated December 11, 2019. The major components of income tax expense for the years ended March 31, 2020 and March 31, 2019 are: a) Income tax expense recognised in the Statement of Profit or Loss: ( ` lakhs ) Particulars 2019-20 2018-19 i) Current tax Current tax on profit for the year 386.93 46.61 Adjustments for current tax of prior periods (1.12) - Total current tax expense 385.81 46.61 ii) Deferred tax (Decrease) | Increase in deferred tax liabilities (43.07) 177.29 Decrease | (Increase) in deferred tax assets (1.66) (0.98) Adjustments for deferred tax of prior periods due to (increase in surcharge from 7% to 12%) 8.94 - Total deferred tax expense | (benefit) (35.79) 176.31 Income tax expense 350.02 222.92 Notes to the Financial Statements