Page 159 - FBL AR 2019-20

CORPORATE STATUTORY FINANCIAL
OVERVIEW STATEMENTS STATEMENTS

Notes to the Standalone financial statements for the year ended March 31, 2020

46 Income tax (contd.)
46C The major components of deferred tax liabilities/(assets) arising on account of temporary differences are as follows:
( H in Lakhs )
Particulars April 01, 2019 March 31, 2020 March 31, 2020
Statement Other
of profit and comprehensive
loss income
(i) Components of deferred tax Assets (net)
Deferred tax liabilities
Property, plant and equipment and intangible assets: Impact (1,457.65) (76.13) - (1,533.78)
of difference between written down value as per books of
account and income tax
Deferred tax assets
Expenses claimed for tax purpose on payment basis 218.54 (26.48) (70.07) 121.99
Allowance for doubtful debts and advances 223.71 (81.55) - 142.16
Unabsorbed depreciation/carried forward losses 2,946.51 (2,946.51) - -
MAT Credit entitlement - 5,072.14 - 5,072.14
Others - 7.44 - 7.44
Deferred tax charge * 1,948.91 (70.07)
Net deferred tax assets 1,931.11 3,809.95
*Reads as H1,948.92 Lakhs on the standalone statement of profit and loss due to rounding off
( H in Lakhs )
Particulars April 01, Additions pursuant to March 31, 2019 March 31,
2018 scheme of amalgamation Statement of Other 2019
(Refer note 1.2) profit and loss comprehensive
income
(i) Components of deferred tax assets
(net)
Deferred tax liabilities
Property, plant and equipment and (525.81) (740.88) (190.96) - (1,457.65)
intangible assets: Impact of difference
between written down value as per
books of account and income tax
Deferred tax assets
Expenses claimed for tax purpose on 25.06 67.53 90.61 35.33 218.54
payment basis
Allowance for doubtful debts and 8.26 459.62 (244.17) - 223.71
advances
Unabsorbed depreciation/carried 492.49 - 2,454.02 - 2,946.51
forward losses
Others - (5.97) 5.97 - -
Deferred tax charge 2,115.47 35.33
Net deferred tax assets 0.00 (219.70) 1,931.11

46D Details of unused tax losses and unabsorbed tax depreciation for which deferred tax assets have not been recognised:
( H in Lakhs )
Particulars March 31, 2020 March 31, 2019
Unused tax losses (capital in nature) 225.42 225.42
Unused MAT Credit - 4,242.14
The unused tax losses (capital in nature) will expire from financial year 2020-21 to financial year 2027-28 and unused tax credits were expiring
from financial year 2021-22 to financial year 2032-33.
Pursuant to scheme of amalgamation as mentioned in note 1.2, the Company has, recognised an intangible asset of H60,390.05 Lakhs in the
form of Goodwill, in its income tax block of assets and has claimed the corresponding depreciation of H15,097.51 Lakhs under Section 32(1)
of the Income Tax Act, 1961 (‘the Act’) in the revised income tax return filed on July 26, 2020 for the assessment year 2019-2020. Pending the
outcome of the assessment by the income tax authorities, the aforesaid amount of depreciation has not been considered as a deduction for
arriving at the provision for taxation and also deferred tax asset has not been created on the amount recognized as goodwill for the purposes
of the Act
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