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

343 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS h) Aggregate amount of temporary differences associated with investment in subsidiaries, associates and joint ventures for which deferred tax liability has not been recognised: Rupees crores Particulars 2023 2022 Undistributed earnings.......................................................................................................................................................................................................... 20,111.13 17,085.84 Movement in deferred tax balances Year ended 31 st March, 2023 Rupees crores Particulars Opening Balance Recognised in Profit or Loss Recognised in OCI Recognised in Equity Recognised in Business combination/ Disposal of subsidiaries Foreign exchange translation differences Closing Balance Tax effect of items resulting in taxable temporary differences Fiscal allowances on property, plant and equipment and intangible assets................................................................... 2,633.47 (0.91) — — (593.24) (4.12) 2,035.20 Undistributed profit of associate........................................ 67.65 15.88 16.29 (11.11) — — 88.71 Others.................................................................................................... 113.70 (2.44) 2.89 — 9.88 (0.30) 123.73 2,814.82 12.53 19.18 (11.11) (583.36) (4.42) 2,247.64 Tax effect of items resulting in deductible temporary differences Provision for employee benefits......................................... 274.36 34.05 40.41 — (2.86) 2.93 348.89 Allowances for expected credit loss................................ 1,282.85 (279.58) 23.95 — (37.02) 0.59 990.79 Carried forward tax losses...................................................... 635.52 122.45 — — (478.78) 2.24 281.43 MAT credit........................................................................................... 41.69 4.04 — — (44.28) — 1.45 Unrealised gain on inter-company transactions (net)......................................................................................................... 93.56 106.59 — — (46.57) — 153.58 Others.................................................................................................... 425.05 81.27 0.03 — (25.15) (2.88) 478.32 2,753.03 68.82 64.39 — (634.66) 2.88 2,254.46 Net Deferred Tax Asset/(Liabilities) .................................. (61.79) 56.29 45.21 11.11 (51.30) 7.30 6.82 13. Current Tax and Deferred Tax (contd.)