64 Note 24.3 (D) Transactions with entities over which joint venturers have significant influence 1 Sales to and purchases from related parties were made on normal commercial terms and conditions and at prevailing market prices or where market price is not available, at cost plus margin. 2 All outstanding balances are unsecured and are repayable in cash and cash equivalent. Note 24.4 Current and deferred taxes The major components of income tax expense are: a) Income tax expenses recognised in the Statement of Profit and Loss (` lakhs) Particulars 2021-22 2020-21 i) Current tax Current tax on profit for the year 562.42 479.74 Adjustments for current tax of prior periods (24.02) - Total current tax expense 538.40 479.74 ii) Deferred tax (Decrease) | Increase in deferred tax liabilities 2.59 3.05 Decrease | (Increase) in deferred tax assets (5.24) (1.45) Total deferred tax expense | (benefit) (2.65) 1.60 Income tax expense 535.75 481.34 b) Income tax expenses recognised in the statement of other comprehensive income (` lakhs) Particulars 2021-22 2020-21 i) Current tax Remeasurement gain | (loss) on defined benefit plans (2.22) (2.04) Total current tax expense (2.22) (2.04) Income tax expense (2.22) (2.04) c) The reconciliation between the statutory income tax rate applicable to the Company and the effective income tax rate of the Company is as follows: Particulars 2021-22 2020-21 a) Statutory income tax rate 25.17% 25.17% b) Differences due to: i) Expenses not deductible for tax purposes 0.38% 0.46% ii) Others (0.92%) 0.24% Effective income tax rate 24.63% 25.87%
RkJQdWJsaXNoZXIy MjA2MDI2