MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 328 (b) Income tax recognised in Other Comprehensive Income Rupees crores Particulars 2024 2023 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 .......................... 1.25 (4.19) Net fair value gain on investments in debt instruments at FVTOCI.................................................................................................................. 0.21 0.47 Remeasurement of defined benefit plans............................................................................................................................................................................. (45.08) 31.23 Total deferred tax (expense) / income ........................................................................................................................................................................... (43.62) 27.51 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) Total current tax (expense) / income .............................................................................................................................................................................. — (2.52) Total income tax (expense) / income .............................................................................................................................................................................. (43.62) 24.99 (c) The reconciliation of estimated income tax expense at tax rate to income tax expense reported in Statement of profit and loss is as follows: Rupees crores Particulars 2024 2023 Profit before tax...................................................................................................................................................................................................................................... 13,482.97 8,130.78 Applicable Income tax rate.............................................................................................................................................................................................................. 25.168% 25.168% Expected income tax expense...................................................................................................................................................................................................... 3,393.39 2,046.35 Tax effect of adjustments to reconcile expected income tax expense to reported income tax expense: Effect of income exempt from tax / non taxable on compliance of conditions ..................................................................................... (614.97) (429.04) Effect of income chargeable at specified tax rates ..................................................................................................................................................... (116.40) (164.56) Effect of expenses / provisions not deductible in determining taxable profit........................................................................................... 24.27 340.21 Reversal of deferred tax liabilities ........................................................................................................................................................................................... (21.97) — Effect of utilisation / (recognition) of deferred tax on capital losses.............................................................................................................. 70.60 (41.70) Effect of net additional / (reversal) of provision in respect of prior years ................................................................................................. — (194.84) Others............................................................................................................................................................................................................................................................. 30.25 25.72 Reported income tax expense................................................................................................................................................................................................. 2,765.17 1,582.14 (d) Amounts on which deferred tax asset has not been created and related expiry period Unused tax losses - capital in nature Rupees crores Expiry Period 2024 2023 More than five years............................................................................................................................................................................................................................ 2,906.59 3,078.66 22. Income Taxes (contd.)
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