annual-report-FY2021

255 MAHINDRA & MAHINDRA LTD. INTEGRATED ANNUAL REPORT 2020-21 18. Income Taxes Deferred Tax (Assets)/Liabilities (Net) Rupees crores Particulars Balance as at 01-04-2020 Charge/ (credit) to Profit or Loss Charge/ (credit) to OCI Balance as at 31-3-2021 Tax effect of items resulting in taxable temporary differences Allowances on Property, Plant and Equipment and Intangible Assets. ....... 1,766.08 (12.76) — 1,753.32 Others................................................................................................................. 65.06 (5.61) — 59.45 Tax effect of items resulting in deductible temporary differences Provision for employee benefits...................................................................... (237.37) 5.08 (20.07) (252.36) Allowances for credit losses. ............................................................................ (56.11) (23.60) — (79.71) Long term capital losses. .................................................................................. (86.83) 15.03 — (71.80) Others................................................................................................................. (42.66) (22.15) (0.94) (65.75) Total Deferred Tax (Assets)/Liabilities (Net)............................................................... 1,408.17 (44.01) (21.01) 1,343.15 Rupees crores Particulars Balance as at 01-04-2019 Charge/ (credit) to Profit or Loss Charge/(credit) to OCI Balance as at 31-3-2020 Tax effect of items resulting in taxable temporary differences Allowances on Property, Plant and Equipment and Intangible Assets. ....... 2,141.26 (375.18) — 1,766.08 Others................................................................................................................. 156.90 (91.84) — 65.06 Tax effect of items resulting in deductible temporary differences Provision for employee benefits...................................................................... (305.42) 71.30 (3.25) (237.37) Allowances for credit losses. ............................................................................ (46.37) (9.74) — (56.11) Long term capital losses. .................................................................................. (116.20) 29.37 — (86.83) Minimum Alternate Tax Credit. ....................................................................... (1,116.35) 1,116.35 — — Others................................................................................................................. (79.69) 48.24 (11.21) (42.66) Total Deferred Tax (Assets)/Liabilities (Net)............................................................... 634.13 788.50 (14.46) 1,408.17 Income Tax recognised in profit or loss Rupees crores Particulars 2021 2020 Current Tax: In respect of current year......................................................................................................................................... 1,208.05 876.10 In respect of prior years. .......................................................................................................................................... 27.58 120.88 1,235.63 996.98 Deferred Tax: In respect of current year origination and reversal of temporary differences. .................................................. (31.46) 155.49 Effect of utilisation/ (recognition) of deferred tax on capital losses. .................................................................. 15.03 27.30 Effect of change in tax rate due to switch to new tax regime (Refer note below)........................................... — 599.14 In respect of prior year............................................................................................................................................. (27.58) 6.57 (44.01) 788.50 Total Income Tax recognised in profit or loss ........................................................................................................ 1,191.62 1,785.48