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125
annual
report
20
16-17
kajaria
ceramics
corporate
overview
management
reports
Financial
statements
(
`
in crores)
Balance sheet
Statement of profit and loss
31 March 2017
31 March 2016 1 April 2015
31 March 2017
31 March 2016
Deferred tax relates to the following:
Accelerated depreciation for tax purposes
102.41
86.80
75.16
15.98
11.99
Disallowance u/s 43B
(3.23)
(2.77)
(2.79)
(0.47)
0.02
Ind AS adjustments
(0.10)
0.48
(0.14)
(0.58)
0.62
Deferred tax expense/(income)
14.93
12.63
Net deferred tax assets/(liabilities)
99.08
84.51
72.23
Deferred tax
17. Income Taxes
(contd...)
(
`
in crores)
31 March 2017
31 March 2016
Accounting profit before tax from continuing operations
407.26
354.51
Profit/(loss) before tax from a discontinued operation
-
-
Accounting profit before income tax
407.26
354.51
At India’s statutory income tax rate of 34.608% (31 March 2016: 34.608%)
140.94
122.69
Adjustments in respect of current income tax of previous years
0.07
(0.12)
Expenses not allowed as deduction
1.18
1.24
Deductions not leading to timing differences
(4.77)
(7.56)
Exempt income
(0.32)
-
Impact of change in effective tax rate in B/F tax liability
-
1.26
At the effective income tax rate of 33.66% (31 March 2016: 33.15%)
137.10
117.51
Income tax expense reported in the statement of profit and loss
137.10
117.51
Income tax attributable to a discontinued operation
-
-
137.10
117.51
B. Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for FY ended 31 March
2016 and 31 March 2017:
(
`
in crores)
31 March 2017
31 March 2016
Deferred tax assets (continuing operations)
(3.33)
(2.77)
Deferred tax liabilities (continuing operations)
102.41
87.28
Deferred tax liabilities, net
99.08
84.51
Reflected in the balance sheet as follows:
(
`
in crores)
31 March 2017
31 March 2016
Opening balance as of 1 April
84.51
72.23
Tax (income)/expense during the period recognised in Profit & loss
14.93
12.63
Tax (income)/expense during the period recognised in OCI
(0.35)
Discontinued operation
Deferred taxes acquired in business combinations
Closing balance as at 31 March
99.44
84.51
Reconciliation of deferred tax liabilities (net):
Notes on the standalone financial statements
for the year ended 31 March 2017