Statement of Profit & Loss Consol_Note30

30 Tax expense

(₹ In Crore)

Particulars

For the year ended 31 March

2024

2023

   

(a) Tax expense

Current tax

Current tax on profits for the year

2,285.67

1,854.89

   

Deferred tax

Decrease/(increase) in deferred tax assets

(16.85)

(5.91)

(Decrease)/increase in deferred tax liabilities

62.98

(67.21)

Total deferred tax expenses/(benefit)

46.13

(73.12)

   

Tax expenses

2,331.80

1,781.77

   

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

Profit before tax

10,040.04

7,841.98

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

2,526.87

1,973.69

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

– Corporate social responsibility expenditure and contribution to electoral bonds

33.15

32.72

– Rate difference in amortisation of fixed income securities

(2.58)

(3.78)

– Others

11.55

8.23

   

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

– Profits of subsidiaries not taxable in India

(54.87)

(109.08)

– Dividend received on strategic investment

(10.84)

(11.89)

– Profit on investments not taxable

(28.83)

(40.97)

– Income from fair valuation of mutual funds

(142.73)

(67.24)

– Disallowance of expenditure incurred on rented property (net)

0.08

0.09

Tax expense

2,331.80

1,781.77