MAHINDRA & MAHINDRA LTD. Consolidated Accounts 385 (f) Deferred tax assets/(liabilities) (net) The amount of the deferred tax assets and liabilities recognised in the balance sheet are as below: Rupees crores Particulars Balance as at 1st April, 2024 Recognised in profit or loss Recognised in OCI Recognised in Equity Recognised in business combination / disposal of subsidiaries Foreign exchange translation differences Balance as at 31st March, 2025 Deferred tax liabilities Property, plant and equipment and intangible assets .................................................................................................... 2,066.86 204.14 — — — (5.67) 2,265.33 Undistributed profit of associate ...................................... 104.68 29.91 7.91 — — — 142.50 Others.................................................................................................... 242.41 63.46 19.01 — — (0.19) 324.69 Total (a) 2,413.95 297.51 26.92 — — (5.86) 2,732.52 Deferred tax assets Provision for employee benefits......................................... 323.81 18.23 19.93 — — (1.37) 360.60 Allowances for expected credit loss/net change in fair value of debt instruments at FVTOCI .................. 1,000.74 100.27 (28.07) — — (0.19) 1,072.75 Carryforward tax losses........................................................... 375.16 (25.17) — — — (0.07) 349.92 MAT credit ........................................................................................... 0.62 (0.62) — — — — — Unrealised gain on inter-company transactions (net)......................................................................................................... 188.30 31.62 — — — — 219.92 Others.................................................................................................... 332.18 18.66 37.21 — — 2.32 390.37 Total (b) 2,220.81 142.99 29.07 — — 0.69 2,393.56 Net deferred tax asset/(liabilities) (b-a) ...................... (193.14) (154.52) 2.15 — — 6.55 (338.96) Rupees crores Particulars Balance as at 1st April, 2023 Recognised in profit or loss Recognised in OCI Recognised in Equity Recognised in business combination / disposal of subsidiaries Foreign exchange translation differences Balance as at 31st March, 2024 Deferred tax liabilities Property, plant and equipment and intangible assets...................................................................................................... 2,035.20 (12.37) — — 45.04 (1.01) 2,066.86 Undistributed profit of associates....................................... 88.71 29.25 (20.84) 7.56 — — 104.68 Others..................................................................................................... 123.73 122.60 (0.99) — (2.35) (0.58) 242.41 Total (a) 2,247.64 139.48 (21.83) 7.56 42.69 (1.59) 2,413.95 Deferred tax assets Provision for employee benefits.......................................... 348.89 20.42 (43.45) — (0.32) (1.73) 323.81 Allowances for expected credit loss/net change in fair value of debt instruments at FVTOCI ................... 990.79 27.28 (17.90) — — 0.57 1,000.74 Carryforward tax losses............................................................ 281.43 93.09 — — 0.54 0.10 375.16 MAT credit............................................................................................ 1.45 (0.83) — — — — 0.62 Unrealised gain on inter-company transactions (net).......................................................................................................... 153.58 34.72 — — — — 188.30 Others..................................................................................................... 478.32 (145.78) 0.56 — 0.20 (1.12) 332.18 Total (b) 2,254.46 28.90 (60.79) — 0.42 (2.18) 2,220.81 Net deferred tax assets/(liabilities) (b-a)...................... 6.82 (110.58) (38.96) (7.56) (42.27) (0.59) (193.14) 13. Income taxes (Continued)
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