AGS Transact Technologies Limited

Annexure VI: Notes to the Revised Restated Consolidated Financial Information

 

Note 7
Taxes
(a) Amounts recognised in Revised Restated Consolidated Statement of Profit and Loss
Period ended
31 August 2021

Particulars

‘Current tax expense

 

Year ended
31 March 2021

 

Year ended
31 March 2020

(Rs. in million)
‘Year ended
31 March 2019

 

 

 

Curent year 4.75 252.19 337.41 292.96
Changes in estimates related to prior year / period 43.19 (431) (32.76)
Tre 295.38 333.10 260.20

Deferred tax (credit) / charge
Origination and reversal af temporary differences 14,30 (29.03) 32.00 (033.25)
14.30 (29.03) 32.00 (033.25)
"Fax expense for the year/ period 126.05 276.35 365.10 126.95
(b) Amounts recognised in other comprehensive income (Rs. in million)
Period ended Year ended Year ended Year ended

31 August 2021,
ems that will not be reclassified to the Revised Restated Consolidated Statement of Profit and Loss

31 March 2021

31. March 2020

31 March 2019

 

 

 

 

 

 

 

Tax effect on remeasurements of the defined benefit plans (7.94) 0.36 490 8.77
7.94) 0.36 4.90 5.77,
(© Reconciliation of effective tax rate (Bs, in million)
Period ended ‘Year ended Yearended Year ended
31 August 2021 31March 2021___31March 2020 _31 March 2019
(oss Profit before tax (47.05) 40.50 7,208.95 788.89
Statutory income tax rate in India 25.17% 25.17% 34.94%
‘Tax using the statutory tax rate in India (asa) 21154 275.67
‘Tax effect
Differences in tax rates in subsidiaries 2.50) (12.46) 4765 (03.75)
Expenses not allowed under tax 112.02 43.19 473 434
Deferred tax assets not recognised because realisation is not probable 6.85, 1131 1337 10.44
Deferred tax recognised on unabsorbed losses and depreciation 10.91 - 7.78) (281.80)
Changes in estimates related to prior years : 3.21) : 70.14
Others 10.61 7.2) (19:32) 631)
Rate Change (refer note below) - : 47.75 :
Tax relating to previous years 2 43.19 30) (32.78)
‘Total tax expense 126.05 276.35 365.10 126.95

Note: On 20 September 2019, the government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income tax Act 1961 and the Finance (No.2) Act 2019.

The ordinance is promulgated by the President of India to effect tax reforms announced by the government. One such amendment includes to provide an option for a concessional tax at the rate of 22

percent in case of a domestic company subject to prescribed conditions with effect from Financial year 2019-20 (Assessment year 2020-21). In this case, the company would like to avail the option for

concessional tax rate, Accordingly, the company has re-measured its deferred tax assets basis rate prescribed in the said section. The full impact of this change has been recognised in the Revised Restated

Consolidated Statement of Profit and Loss for the year. However in case of India Transact Technologies Limited we have not avail the option for concessional tax rate. The aforementioned amendments,

ddoes not apply to overseas Subsidiaries.

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