30 Tax expense |
||||
(₹ In Crore) |
||||
For the year ended 31 March |
||||
Particulars |
2023 |
2022 |
||
|
||||
(a) Tax expense |
||||
Current tax |
||||
Current tax on profits for the year |
1,854.82 |
1,667.11 |
||
|
||||
Deferred tax |
||||
Decrease/(increase) in deferred tax assets |
(6.57) |
(2.28) |
||
(Decrease)/increase in deferred tax liabilities |
(67.21) |
(178.37) |
||
Total deferred tax expense/(benefit) |
(73.78) |
(180.65) |
||
|
||||
Tax expenses |
1,781.04 |
1,486.46 |
||
|
||||
(b) Reconciliation of tax expenses and the accounting profit multiplied by India's tax rate |
||||
Profit before tax |
7,408.64 |
6,505.33 |
||
Tax at the Indian tax rate of 25.168% (Previous year – 25.168%) |
1,864.61 |
1,637.26 |
||
Tax effect of amounts which are not deductible (taxable) in calculating taxable income: |
||||
– Corporate social responsibility expenditure and contribution to electoral bonds |
32.72 |
32.22 |
||
– Rate difference in amortisation of fixed income securities |
(3.78) |
(4.68) |
||
– Others |
7.50 |
3.87 |
||
|
||||
Tax effect of amounts which are deductible (non taxable) in calculating taxable income: |
||||
– Dividend received on strategic investment |
(11.89) |
(11.45) |
||
– Profit on investments not taxable |
(40.97) |
(109.48) |
||
– Income from fair valuation of mutual funds |
(67.24) |
(60.51) |
||
– Disallowance of expenditure incurred on rented property (net) |
0.09 |
(0.77) |
||
Tax expense |
1,781.04 |
1,486.46 |
Statement of Profit and Loss
Note_30