30_Tax_expense

30 Tax expense

(₹ In Crore)

Particulars

For the year ended 31 March

2022

2021

(a) Tax expense

Current tax

Current tax on profits for the year

1,667.11

1,348.10

Deferred tax

Decrease/(increase) in deferred tax assets

(2.93)

(3.17)

(Decrease)/increase in deferred tax liabilities

(178.37)

39.48

Total deferred tax expense/(benefit)

(181.30)

36.31

Tax expenses

1,485.81

1,384.41

(b) Reconciliation of tax expenses and the accounting profit multiplied by India's tax rate

Profit before tax

7,651.68

6,241.43

Tax at the Indian tax rate of 25.168% (Previous year – 25.168%)

1.925.78

1,570.84

Tax effect of amounts which are not deductible (taxable) in calculating taxable income:

– Corporate social responsibility expenditure

32.22

33.04

– Disallowance of estimated expenditure to earn tax exempt income

–

–

– Rate difference in amortisation of fixed income securities

(4.68)

(0.47)

– Rate difference on account of fair value of mutual funds

–

–

– Others

4.88

1.73

Tax effect of amounts which are deductible (non taxable) in calculating taxable income:

– Profits of subsidiaries not taxable in India

(290.18)

(76.11)

– Reversal in deferred tax due to tax rate reduction

–

–

– Tax-free interest

–

(0.16)

– Difference in tax rate on account of dividend received from subsidiary

–

–

– Dividend received on strategic investment

(11.45)

–

– Profit on investments not taxable

(109.48)

(64.93)

– Income from fair valuation of mutual funds

(60.51)

(78.54)

– Disallowance of expenditure incurred on rented property (net)

(0.77)

(0.99)

Tax expense

1,485.81

1,384.41