115 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 2023-24 2022-23 a) Statutory income tax rate 25.17% 25.17% b) Differences due to: i) Non-deductible expenses 5.07% 12.50% ii) Income taxed at lower rate (0.16%) (0.42%) iii) Tax adjustment of earlier years (0.48%) 6.37% iv) Others 0.11% 2.01% Effective income tax rate 29.71% 45.63% c) Income tax assets (` lakhs) Particulars As at March 31, 2024 As at March 31, 2023 Opening balance 30.55 (282.20) Taxes paid in advance, net of provision during the year 2.08 15.79 Transfer to provisions - 296.96 Closing balance 32.63 30.55 d) Current tax liabilities (` lakhs) Particulars As at March 31, 2024 As at March 31, 2023 Opening balance - - Add: Current tax payable for the year 100.20 - Less: Taxes paid (98.03) - Closing balance 2.17 - Note 29.4 Current and deferred tax (continued)
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