annual-report-FY2020

324 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 11. Current Tax and Deferred Tax a) Income Tax recognised in profit or loss Rupees crores Particulars 2020 2019 Current Tax In respect of current year............................................................................................................................... 2,002.39 2,740.64 In respect of prior years................................................................................................................................. 311.76 (390.18) Total Current Tax ............................................................................................................................................. 2,314.16 2,350.46 Deferred Tax In respect of current year origination and reversal of temporary differences......................................... (70.07) 626.28 Reversal on account of amendment in tax laws *....................................................................................... (1,292.38) — Effect of change in tax rate due to switch to new tax regime #............................................................... 871.72 — Effect of utilisation/(recognition) of deferred tax on capital losses........................................................... 27.30 (116.20) In respect of prior years................................................................................................................................. 124.88 (6.54) Total Deferred Tax (338.55) 503.53 Total Income Tax expense .............................................................................................................................. 1,975.61 2,853.99 b) Income tax recognised in Other Comprehensive Income Rupees crores Particulars 2020 2019 Deferred Tax related to items recognised in other comprehensive income: Effective portion of gains and loss on designated portion of hedging instruments in a cash flow hedge................................................................................................................................................................ 26.58 (26.33) Net change in fair value of investments in debt instruments at FVTOCI................................................... (1.27) (3.41) Net change in fair value of investments in equity shares at FVTOCI.......................................................... 0.01 1.96 Remeasurement of defined benefit plans..................................................................................................... 7.02 9.94 Exchange differences in translating the financial statements of foreign operations - Associates........... 24.41 (5.68) Total ................................................................................................................................................................... 56.75 (23.52) Classification of income tax recognised in other comprehensive income Income taxes related to items that will not be reclassified to profit or loss............................................. 7.03 11.90 Income taxes related to items that will be reclassified to profit or loss.................................................... 49.72 (35.42) Total ................................................................................................................................................................... 56.75 (23.52)