Amal Ltd | Annual Report 2023-24 b) The reconciliation between the statutory income tax rate applicable to the Group and the effective income tax rate of the Group is as follows: (` lakhs) 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 8.72% (46.28)% Effective income tax rate 38.62% (2.66)% c) Income tax assets (net) (` lakhs) Particulars As at March 31, 2024 As at March 31, 2023 Opening balance 36.02 (281.17) Taxes paid in advance, net of provision during the year 2.88 20.23 Transfer to provision - 296.96 Closing balance 38.90 36.02 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 28.4 Current and deferred tax (continued)
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