Amal Ltd 2019-20

Amal Ltd | Annual Report 2019-2020 b) The reconciliation between the statutory income tax rate applicable to the Company and the effective income tax rate of the Company is as follows: Particulars 2019-20 2018-19 a) Statutory income tax rate 29.12% 27.82% b) Differences due to: i) Non-deductible expenses (0.80)% 4.71% ii) Exempt income (2.07)% (0.57%) iii) Unabsorbed depreciation loss not recognised earlier - (27.29%) iv) Tax adjustment of earlier years 0.70% - v) Others 0.60% 17.67% Effective income tax rate 27.55% 22.34% The applicable statutory income tax rates for the year ended March 31, 2020 and March 31, 2019 is 29.12% and 27.82%, respectively. c) Current tax assets ( ` lakhs ) Particulars As at March 31, 2020 As at March 31, 2019 Opening balance 24.13 0.87 Add: Taxes paid in advance 416.82 69.87 Less: Current tax provision 385.81 46.61 Closing balance 55.14 24.13 d) Deferred tax liabilities (net) The balance comprises temporary differences attributable to the below items and corresponding movement in deferred tax liabilities | (assets): ( ` lakhs ) Particulars As at March 31, 2020 (Charged) | Credited to profit or loss As at March 31, 2019 (Charged) | Credited to profit or loss As at March 31, 2018 Property, plant and equipment 99.18 22.32 76.86 76.86 Financial liabilities at amortised cost 43.98 (56.45) 100.43 100.43 - Total deferred tax liabilities 143.16 (34.13) 177.29 177.29 - Provision for leave encashment (1.15) (0.18) (0.98) (0.98) - Unrealised gain frommutual funds (1.48) (1.48) - Total deferred tax assets (2.63) (1.66) (0.98) (0.98) - Net deferred tax liabilities | (assets) 140.53 (35.79) 176.31 176.31 - Note 26.4 Current and deferred tax (continued) Notes to the Financial Statements