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Deferred tax assets and liabilities | 12 Months Ended
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Mar. 31, 2022
Disclosure Of Deferred tax assets and liabilities [Abstract] |
Disclosure of deferred taxes [text block] |
| 11. | Deferred tax assets and liabilities
The tax effects of significant temporary differences that resulted in deferred tax assets and a description of the items that created these differences is given below
Recognized deferred tax assets / (liabilities) |  | Assets / (liabilities) |
|  | March 31, 202 2 |  |  | March 31, 20 21 |
Deductible temporary difference |  |  |  |  |  |  |  |
Property, Plant and Equipment |  |  | 556,604 |  |  |  | 597,497 |
Lease obligations on right of use assets |  |  | 130,143 |  |  |  | 61,752 |
Provision for employee benefits |  |  | 46,204 |  |  |  | 8,886 |
Accounts receivable |  |  | 111,455 |  |  |  | 99,078 |
Provision for Doubtful Advances |  |  | 20,976 |  |  |  | 12,585 |
|  |  | 865,382 |  |  |  | 779,798 |
Taxable temporary difference |  |  |  |  |  |  |  |
Intangible assets |  |  | (143,519 | ) |  |  | (143,326 | )
Finance Lease obligations |  |  | (35,670 | ) |  |  | - |
|  |  | (179,189 | ) |  |  | (143,326 | )
Unused Tax credits |  |  |  |  |  |  |  |
Mat Credit Entitlement |  |  | - |  |  |  | - |
Net deferred tax asset (liability) recognized in Balance Sheet |  |  | 686,193 |  |  |  | 636,472 |
The Group has recognised deferred tax assets arising on temporary deductible difference only to the extent of deferred tax liabilities arising on taxable temporary differences during the year. In assessing the realizability of deferred tax assets, management considers whether some portion or all of deferred tax assets will not be realized. The ultimate realization of deferred tax assets and tax loss carry forwards is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategy in making this assessment. Based on the level of historical taxable income and projections of future taxable income over the periods in which deferred tax assets are deductible, management believes that the Group will realize the benefits of those recognized deductible differences. The amount of deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income are reduced. Movement in temporary differences during the year
|  | Balance as of March 31, 2020 |  |  | Recognized in income statement |  |  | Recognized in Equity / Balance sheet |  |  | Balance as of March 31, 20 21 |  |  | Recognized in income statement |  |  | Recognized in Equity / Balance sheet |  |  | Balance as of March 31, 202 2 |
Property, plant and equipment |  |  | 181,237 |  |  |  | 416,260 |  |  |  | - |  |  |  | 597,497 |  |  |  | (40,893 | ) |  |  | - |  |  |  | 556,604 |
Intangible assets |  |  | (181,238 | ) |  |  | 37,912 |  |  |  | - |  |  |  | (143,326 | ) |  |  | (193 | ) |  |  | - |  |  |  | (143,519 | )
Lease obligations on right of use assets |  |  | 33,028 |  |  |  | 28,724 |  |  |  | - |  |  |  | 61,752 |  |  |  | 68,391 |  |  |  | - |  |  |  | 130,143 |
Finance Lease obligations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (35,670 | ) |  |  | - |  |  |  | (35,670 | )
MAT Credit entitlement |  |  | 66,318 |  |  |  | (66,318 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |
Provision for employee benefits |  |  | - |  |  |  | 8,886 |  |  |  | - |  |  |  | 8,886 |  |  |  | 37,372 |  |  |  | - |  |  |  | 46,258 |
Accounts receivable |  |  | - |  |  |  | 99,078 |  |  |  | - |  |  |  | 99,078 |  |  |  | 12,377 |  |  |  | - |  |  |  | 111,455 |
Provision for Doubtful Advances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
|  |  | - |  |  |  | 12,585 |  |  |  | - |  |  |  | 12,585 |  |  |  | 8,391 |  |  |  | - |  |  |  | 20,976 |
Unrecognized deferred tax assets / (liabilities)
|  | As of March 31, 202 2 |  |  | As of March 31, 2021 |
Deductible temporary differences |  |  | - |  |  |  | - |
Unrecognized tax losses |  |  | - |  |  |  | - |
|  |  | - |  |  |  | - |
Considering the probability of availability of future taxable profits in the period in which tax losses expire, deferred tax assets have not been recognized in respect of tax losses carried forward by the Group. The above tax losses expire at various years. Income tax expense recognized in profit or loss
|  | March 31, 202 2 |  |  | March 31, 2021 |  |  | March 31, 2020 |
Current tax expense / (benefit) |  |  |  |  |  |  |  |  |  |  |  |
Current period |  |  | 639,982 |  |  |  | 671,877 |  |  |  | 345,707 |
Deferred tax expense / (benefit) |  |  |  |  |  |  |  |  |  |  |  |
Origination and reversal of temporary differences |  |  | (49,721 | ) |  |  | (603,463 | ) |  |  | (31,368 | )
MAT credit entitlement |  |  |  |  |  |  |  |  |  |  | - |
Total income tax expense / (benefit) |  |  | 590,261 |  |  |  | 68,414 |  |  |  | 314,339 |
There are no income taxes directly recognized in other comprehensive income. Reconciliation of effective tax rate A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to the income before taxes is summarized below:
|  | Year ended March 31, 202 2 |  |  | Year ended March 31, 2021 |  |  | Year ended March 31, 2020 |
Profit before income taxes |  |  | 1,862,838 |  |  |  | 1,600,276 |  |  |  | 1,019,716 |
Enacted tax rates in India |  |  | 25.17 | % |  |  | 34.94 | % |  |  | 34.94 | %
Computed expected tax expense / (benefit) |  |  | 468,876 |  |  |  | 559,209 |  |  |  | 356,343 |
Effect of: |  |  |  |  |  |  |  |  |  |  |  |
Share based payment expense not deductible for tax purposes |  |  | - |  |  |  | - |  |  |  | - |
Unrecognized deferred tax assets on losses incurred during the year (net of temporary differences, if any) |  |  |  |  |  |  |  |  |  |  |  |
Recognition of previously unrecognised deferred tax asset on temporary differences |  |  | (37,923 | ) |  |  | (267,566 | ) |  |  | 84,588 |
Difference on account differential tax rates in different jurisdictions |  |  | 23,917 |  |  |  | (1,555 | ) |  |  | 7,149 |
Expenses/income not taxable |  |  |  |  |  |  | - |  |  |  | - |
Recognition of current year temporary differences |  |  |  |  |  |  | (129,500 | ) |  |  | (33,028 | )
Recognition of previously unrecognized tax losses |  |  | - |  |  |  | - |  |  |  | (100,713 | )
Difference on account of differential tax rates in different companies |  |  | - |  |  |  | (86,987 | ) |  |  | - |
Effect of expenses that are not deductible in determining taxable profit |  |  | 7,224 |  |  |  | 3,092 |  |  |  | - |
E xpenses/income not taxable |  |  | - |  |  |  | 3,491 |  |  |  | - |
U nrecognized temporary differences |  |  | 14,875 |  |  |  | 2,056 |  |  |  | - |
U tilisation of previously unrecognised temporary differences |  |  | (718 | ) |  |  | (28,182 | ) |  |  | - |
E ffect of rate difference in opening and closing deferred tax |  |  | - |  |  |  | 14,356 |  |  |  | - |
O ther s |  |  | (10,920 | ) |  |  | - |  |  |  | - |
Reversal of previously recognised temporary differences |  |  | 125,591 |  |  |  | - |  |  |  | - |
|  |  | 590,922 |  |  |  | 68,414 |  |  |  | 314,339 |

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- Definition The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_10_e&doctype=Standard -URIDate 2021-03-24 + Details
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- References No definition available. + Details
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