103 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 2022-23 2021-22 a) Statutory income tax rate 25.17% 25.17% b) Differences due to: i) Non-deductible expenses 12.50% 4.48% ii) Income taxed at lower rate (0.42%) (4.08)% iii) Tax adjustment of earlier years 6.37% (0.45)% iv) Others 2.01% 1.95% Effective income tax rate 45.63% 27.07% c) Income tax assets (` lakhs) Particulars As at March 31, 2023 As at March 31, 2022 Opening balance (282.20) 77.00 Taxes paid in advance 76.63 (266.71) Current tax provision (60.84) (92.49) Transfer to provisions 296.96 - Closing balance 30.55 (282.20) d) Deferred tax liabilities (net) The balance comprises temporary differences attributable to the below items and correspondingmovement in deferred tax liabilities | (assets): (` lakhs) Deferred tax liabilities | (assets) As at March 31, 2023 (Charged) | Credited to profit or loss As at March 31, 2022 (Charged) | Credited to profit or loss As at March 31, 2021 Property, plant and equipment 109.80 10.20 99.60 16.38 83.22 Financial liabilities at amortised cost (0.03) (6.95) 6.92 (12.97) 19.89 Provision for leave encashment (2.06) (0.45) (1.61) (1.06) (0.55) Unrealised gain | (loss) on mutual funds - - - (5.26) 5.26 Net deferred tax liabilities | (assets) 107.71 2.80 104.91 (2.90) 107.81 Note 27.4 Current and deferred tax (continued)
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