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

247 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2021-22 Income tax recognised in Other comprehensive income Rupees crores Particulars 2022 2021 Deferred tax related to items recognised in other comprehensive income during the year: Effective portion of gains and loss on designated portion of hedging instruments in a cash flow hedge..... (1.53) 0.71 Net fair value gain on investments in debt instruments at FVTOCI..................................................................... 0.25 0.23 Remeasurement of defined benefit plans.............................................................................................................. (34.16) 19.00 Total Income tax recognised in Other comprehensive income . ........................................................................... (35.44) 19.94 The reconciliation of estimated income tax expense at tax rate to income tax expense reported in profit or loss is as follows: Rupees crores Particulars 2022 2021 Profit before tax........................................................................................................................................................ 6,235.46 2,303.45 Applicable Income tax rate. ..................................................................................................................................... 25.17% 25.17% Expected income tax expense.................................................................................................................................. 1,569.34 579.73 Tax effect of adjustments to reconcile expected income tax expense to reported income tax expense: Effect of income exempt from tax / non taxable on compliance of conditions................................................. (361.65) (212.21) Effect of income chargable at specified tax rates.................................................................................................. (142.06) — Effect of expenses/provisions not deductible in determining taxable profit. ..................................................... 216.92 903.06 Effect of utilisation/ (recognition) of deferred tax on capital losses. .................................................................. 23.15 15.03 Effect of net additional / (reversal) of provision in respect of prior years.......................................................... (10.59) — Others......................................................................................................................................................................... 5.13 33.68 Reported income tax expense ................................................................................................................................. 1,300.24 1,319.29 22. Other Non Financial Liabilities Rupees crores Particulars Non-Current Current 2022 2021 2022 2021 Contract Liabilities.............................................................................................. 211.63 108.56 633.71 647.33 Others.................................................................................................................. — — 2,276.26 1,619.31 Total Other Non Financial Liabilities ................................................................ 211.63 108.56 2,909.97 2,266.64 Others mainly include government dues, taxes payable, GST payable and salary deductions payable. There are no amounts due and outstanding to be credited to the Investor Education and Protection Fund. 21. Income Taxes (contd.)