MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2022-23

266 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2022-23 Deferred Tax (Assets)/Liabilities (Net) (contd.) Rupees crores Particulars Balance as at 01-04-2021 Acquisitions through business combinations [Refer note 44 (B)] 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 60.44 175.87 — 2,109.51 Others..................................................................................................................................... 59.45 — 14.17 — 73.62 Tax effect of items resulting in deductible temporary differences Provision for employee benefits.......................................................................... (269.01) (4.10) 18.30 34.16 (220.66) Allowances for credit losses................................................................................... (79.71) (3.51) (2.78) — (86.00) Long term capital losses........................................................................................... (71.80) — 23.15 — (48.65) Others..................................................................................................................................... (62.46) (2.16) (2.30) 1.28 (65.64) Total Deferred Tax (Assets)/Liabilities (Net) ....................................................... 1,449.67 50.67 226.41 35.44 1,762.18 Income Tax recognised in profit or loss Rupees crores Particulars 2023 2022 Current Tax: In respect of current year................................................................................................................................................................................................................ 2,033.85 1,066.87 In respect of prior year...................................................................................................................................................................................................................... (187.34) (15.18) 1,846.51 1,051.69 Deferred Tax: In respect of current year origination and reversal of temporary differences.......................................................................................... (215.17) 198.67 Effect of utilisation/(recognition) of deferred tax on capital losses.................................................................................................................. (41.70) 23.15 In respect of prior year...................................................................................................................................................................................................................... (7.50) 4.59 (264.37) 226.41 Total Income Tax recognised in profit or loss ............................................................................................................................................................ 1,582.14 1,278.10 Income tax recognised in Other comprehensive income Rupees crores Particulars 2023 2022 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........................... (4.19) (1.53) Net fair value gain on investments in debt instruments at FVTOCI.................................................................................................................. 0.47 0.25 Remeasurement of defined benefit plans............................................................................................................................................................................. 31.23 (34.16) Sub Total (A) ............................................................................................................................................................................................................................................ 27.51 (35.44) Current tax related to items recognised in other comprehensive income during the year: Net fair value gain on investments in equity shares at FVTOCI (2.52) — Sub Total (B) ............................................................................................................................................................................................................................................ (2.52) — Total Income tax recognised in Other comprehensive income Total (A) + (B) ............................................................................... 24.99 (35.44) 21. Income Taxes (contd.)