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

344 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2022-23 13. Current Tax and Deferred Tax (contd.) Year ended 31 st March, 2022 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................................................................ 2,233.76 412.97 — — (2.72) (10.54) 2,633.47 Undistributed profit of associates................................... 30.72 24.30 12.63 — — — 67.65 Others................................................................................................. 106.78 3.29 0.28 — — 3.35 113.70 2,371.26 440.56 12.91 — (2.72) (7.19) 2,814.82 Tax effect of items resulting in deductible temporary differences Provision for employee benefits...................................... 328.08 (16.54) (35.92) — — (1.26) 274.36 Allowances for expected credit loss............................. 1,256.35 26.44 — — — 0.06 1,282.85 Carry forward tax losses....................................................... 436.58 199.89 — — — (0.95) 635.52 MAT credit 32.34 9.35 — — — — 41.69 Unrealised gain on inter-company transactions (net)...................................................................................................... 122.92 (29.36) — — — — 93.56 Others................................................................................................. 418.15 10.12 (0.46) — — (2.76) 425.05 2,594.42 199.90 (36.38) — — (4.91) 2,753.03 Net Deferred Tax Asset/(Liabilities) ............................... 223.16 (240.66) (49.29) — 2.72 2.28 (61.79) Balances of Deferred Tax Assets /Deferred Tax Liabilities are presented in Balance sheet as below: Rupees crores Particulars 2023 2022 Deferred Tax Assets (net)................................................................................................................................................................................................................. 1,615.46 1,724.31 Deferred Tax Liabilities (net).......................................................................................................................................................................................................... 1,608.64 1,786.10 Net Deferred Tax Asset/(Liabilities) ......................................................................................................................................................................................... 6.82 (61.79) 14. Other Assets (Non—Financial) Rupees crores Particulars Non Current Current 2023 2022 2023 2022 Capital Advances.................................................................................................................................................. 1,304.09 980.89 — — Balances with government authorities (other than current taxes)................................ 226.14 205.30 3,232.59 2,434.44 Contract Assets ................................................................................................................................................... 6.99 4.38 170.83 149.85 Deferred Acquisition Cost ............................................................................................................................ 709.88 670.36 57.39 53.06 Others ........................................................................................................................................................................ 376.51 477.99 1,749.18 1,332.18 Total ........................................................................................................................................................................... 2,623.61 2,338.92 5,209.99 3,969.53 Others include advances to suppliers, prepaid expenses.