30_Tax_expense

30 Tax expense

(₹ In Crore)

For the year ended 31 March

Particulars

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

(2.28)

(3.17)

(Decrease)/increase in deferred tax liabilities

(178.37)

39.48

Total deferred tax expense/(benefit)

(180.65)

36.31

Tax expenses

1,486.46

1,384.41

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

Profit before tax

6,505.33

5,939.00

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

1,637.26

1,494.73

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

– Corporate social responsibility expenditure

32.22

33.04

– Rate difference in amortisation of fixed income securities

(4.68)

(0.47)

– Others

3.87

1.73

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

– Tax-free interest

–

(0.16)

– 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

1,486.46

1,384.41