Go Fashion (India) Limited {formerly known as Go Fashion (India) Private Limited}
Notes to the restated consolidated financial information

 

(Amount in 2 Millions, except for share data or as otherwise stated)

 

 

 

 

 

 

 

 

 

  
 

 

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Note
No.
34 Deferred tax assets and liabilities (net)
Particulars As at
31/Mar/2019
Deferred tax assets 31.68
Deferred tax liabilities :
Net deferred tax asset/ (liability) 31.68
(a) Components of deferred tax asset /(liability)
Deferred tax asset
Property, plant and equipment and intangible assets 0.69
Employee benefits 5.46
Preliminary expenses disallowed 2.72
Right-to-use asset 22.81
Gross deferred tax asset 31.68
Net deferred tax asset/ (liability) (net) 31.68
(b) Current tax assets and liabilities (net)
Provision for taxation 136.78
Less: Taxes paid (151.34)
Net current tax asset/ (current tax liability) (14.56)
(c) Tax expenses
Particulars For the year ended
31/Mar/2019
Current tax in respect of
Current year 136.78
Prior years (2.79)
Deferred Tax
Temporary differences recognised as DTA (21.26)
Total 112.73
Deferred Tax
Provision for employee benefit (0.50)
Difference between book balance and tax balance of property, plant and equipment 0.84
Bad debts 5
Right-to-use asset (22.81)
Preliminary expenses allowed 2.69
(19.78)
Less: Income tax recognized on other comprehensive income (1.48)
Total deferred tax expense recognised in statement of profit and loss 21.26)
()_ Reconciliation between the income tax expense and amounts computed by applying the Indian statutory income tax rate to
profit before taxes is as follows:
Particulars For the year ended
31/Mar/2019
Restated (Loss) / profit before tax [A] 524.00
Income tax rate [B] 29.12%
Income tax expense [A*B| 152.59
Expenses that are not deductible in determining taxable provision 731
Tax - exempt income (8.37)
Other Comprehensive income (1.48)
Benefits under Chapter VIA (1.46)
Others (33.27)
‘Tax paid pertaining to the previous years (2.79)
Total tax expense / (credit) recognised in the statement of profit and loss 112.73

 

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