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

320 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 13. Current Tax and Deferred Tax a) Income Tax recognised in profit or loss Rupees crores Particulars 2022 2021 Current Tax In respect of current year................................................................................................................................. 1,860.35 2,057.60 In respect of prior years. .................................................................................................................................. 12.32 30.94 Unrecognised tax losses of previous year used to reduce current tax expense ......................................... (4.57) (73.65) Total Current Tax ............................................................................................................................................ 1,868.10 2,014.89 Deferred Tax In respect of current year origination and reversal of temporary differences. .......................................... 215.04 (320.14) Effect of utilisation/ (recognition) of deferred tax on capital losses. .......................................................... 14.23 (83.80) Write down/reversal of Deferred tax assets. .................................................................................................. 16.31 87.68 In respect of prior years. .................................................................................................................................. (4.92) (52.82) Total Deferred Tax ............................................................................................................................................ 240.66 (369.08) Total Income Tax expense . ............................................................................................................................... 2,108.76 1,645.81 b) Income tax recognised in Other Comprehensive Income Rupees crores Particulars 2022 2021 Deferred Tax related to items recognised in other comprehensive income: Effective portion of gains / (losses) on designated portion of hedging instruments in a cash flow hedge (1.61) 0.69 Net change in fair value of investments in debt instruments at FVTOCI.................................................... 0.30 23.59 Net change in fair value of investments in equity shares at FVTOCI........................................................... (0.30) (0.27) Remeasurement of defined benefit plans...................................................................................................... (35.92) 23.32 Exchange differences in translating the financial statements of foreign operations - Associates............ (11.76) 20.78 Total .................................................................................................................................................................... (49.29) 68.11 Classification of income tax recognised in other comprehensive income Income taxes related to items that will not be reclassified to profit or loss.............................................. (36.22) 23.05 Income taxes related to items that will be reclassified to profit or loss. .................................................... (13.07) 45.06 Total .................................................................................................................................................................... (49.29) 68.11