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

340 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2022-23 12. Other Financial Assets Rupees crores Particulars Non Current Current 2023 2022 2023 2022 Financial assets at amortised cost Bank deposits......................................................................................................................................................... 1,988.32 605.69 — — Balances with banks on margin accounts......................................................................................... 13.20 101.74 — — Security deposit .................................................................................................................................................. 246.77 216.78 66.87 62.36 Interest accrued on investment, other loans................................................................................... 9.74 — 436.03 419.95 Government grant receivable..................................................................................................................... 1,044.09 754.61 442.42 391.76 Corporate Fixed Deposit................................................................................................................................. — 100.00 — — Others.......................................................................................................................................................................... 23.65 401.82 985.45 788.93 Financial Assets at Fair value Foreign currency forwards and options, Interest rate swaps & commodity derivatives ............................................................................................................................................................. — 4.47 20.93 265.59 Derivatives on interest over Subsidiaries and joint ventures............................................... 28.20 21.54 — 70.36 Total ............................................................................................................................................................................. 3,353.97 2,206.65 1,951.70 1,998.95 13. Current Tax and Deferred Tax a) Income Tax recognised in profit or loss Rupees crores Particulars 2023 2022 Current Tax In respect of current year.................................................................................................................................................................................................... 3,022.74 1,860.35 In respect of prior years........................................................................................................................................................................................................ (217.25) 12.32 Unrecognised tax losses of previous year used to reduce current tax expense ....................................................................... (63.45) (4.57) Total Current Tax ................................................................................................................................................................................................................. 2,742.04 1,868.10 Deferred Tax In respect of current year origination and reversal of temporary differences.............................................................................. (68.61) 215.04 Effect of utilisation/(recognition) of deferred tax on capital losses...................................................................................................... (41.70) 14.23 Write down/reversal of Deferred tax assets........................................................................................................................................................... — 16.31 In respect of prior years........................................................................................................................................................................................................ 54.02 (4.92) Total Deferred Tax ................................................................................................................................................................................................................. (56.29) 240.66 Total Income Tax expense ............................................................................................................................................................................................... 2,685.75 2,108.76