MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2021-22

246 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 21. Income Taxes Deferred Tax (Assets)/Liabilities (Net) Rupees crores Particulars Balance as at 01-04-2021 Acquisitions through business combinations Charge/(credit) to Profit or Loss Charge/(credit) to OCI Balance as at 31-3-2022 Tax effect of items resulting in taxable temporary differences Allowances on Property, Plant and Equipment and Intangible Assets........................................................................................... 1,873.20 — 163.82 — 2,037.02 Others.......................................................................................... 59.45 — 16.51 — 75.96 Tax effect of items resulting in deductible temporary differences Provision for employee benefits............................................... (269.01) — 17.41 34.16 (217.44) Allowances for credit losses. ..................................................... (79.71) — (3.10) — (82.81) Long term capital losses. ........................................................... (71.80) — 23.15 — (48.65) Others.......................................................................................... (62.47) — (2.09) 1.28 (63.28) Total Deferred Tax (Assets)/Liabilities (Net) ..................................... 1,449.66 — 215.70 35.44 1,700.80 Rupees crores Particulars Balance as at 01-04-2020 Acquisitions through business combinations [Refer note 44 (B)] 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.......................................................................................... 1,766.08 113.13 (6.01) — 1,873.20 Others......................................................................................... 65.06 — (5.61) — 59.45 Tax effect of items resulting in deductible temporary differences Provision for employee benefits.............................................. (237.37) (17.74) 5.10 (19.00) (269.01) Allowances for credit losses. .................................................... (56.11) — (23.60) — (79.71) Long term capital losses. .......................................................... (86.83) — 15.03 — (71.80) Others......................................................................................... (42.66) 3.22 (22.09) (0.94) (62.47) Total Deferred Tax (Assets)/Liabilities (Net) .................................... 1,408.17 98.61 (37.18) (19.94) 1,449.66 Income Tax recognised in profit or loss Rupees crores Particulars 2022 2021 Current Tax: In respect of current year......................................................................................................................................... 1,099.72 1,328.89 In respect of prior years. .......................................................................................................................................... (15.18) 27.58 1,084.54 1,356.47 Deferred Tax: In respect of current year origination and reversal of temporary differences. .................................................. 187.96 (24.63) Effect of utilisation/(recognition) of deferred tax on capital losses..................................................................... 23.15 15.03 In respect of prior year............................................................................................................................................. 4.59 (27.58) 215.70 (37.18) Total Income Tax recognised in profit or loss ........................................................................................................ 1,300.24 1,319.29