Amal Ltd | Annual Report 2021-22 Note 27.4 Current and deferred tax (continued) a) Income tax expense recognised in the Standalone Statement of Profit and Loss (` lakhs) Particulars 2021-22 2020-21 i) Current tax Current tax on profit for the year 92.49 277.13 Adjustments for current tax of prior periods - (42.75) Total current tax expense 92.49 234.38 ii) Deferred tax (Decrease) | Increase in deferred tax liabilities 3.42 (20.16) Decrease | (Increase) in deferred tax assets (6.32) 7.34 Adjustments for deferred tax of prior periods due to change in statutory tax rate - (19.89) Total deferred tax expense | (benefit) (2.90) (32.71) Income tax expense 89.59 201.67 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 2021-22 2020-21 a) Statutory income tax rate 25.17% 25.17% b) Differences due to: i) Non-deductible expenses 4.48% 2.28% ii) Income taxed at lower rate (4.08)% (2.53)% iii) Tax adjustment of earlier years (0.45)% (3.94)% iv) Others 1.95% (2.40)% Effective income tax rate 27.07% 18.58% c) Income tax assets | (liabilities) (net) (` lakhs) Particulars As at March 31, 2022 As at March 31, 2021 Opening balance 77.00 55.14 Taxes paid in advance (266.71) 256.24 Current tax provision (92.49) (234.38) Closing balance (282.20) 77.00
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