Page 227 - Kolte Patil AR 2019-20

Notes forming part of the Consolidated Financial Statements

43. CURRENT TAX AND DEFERRED TAX
The income tax expense can be reconciled to the accounting profit as follows:
(H in Lakhs)
Year ended Year ended
Particulars
March 31, 2020 March 31, 2019
Profit before tax 18,367 15,123
Enacted tax rate 25%-36% 26%-35%
Income tax calculated at enacted rate 5,901 6,081
Tax effect of income that is exempt from tax (675) (768)
Excess provision for tax relating to prior years 62 615
Tax effect of expenses not deductible in determining tax profit (119) (182)
Effect of income taxes related to prior year (86) -
Tax effect due to change in enacted tax rate during the year 3,439 -
Effect of brought forward loss - (29)
Others (125) (535)
Income tax expense recognized in profit and loss 8,397 5,182

The tax rate used for the above reconciliation is the rate as applicable for the respective period payable by the entities in India on taxable
profits under India tax laws.

During the quarter ended September 30, 2019, the Group had decided to exercise the option prescribed in the Section 115BAA of the Income
Tax Act, 1961 and to pay tax at lower rate while computing the tax expense for the current financial year. The full impact of this change was
recognized in the Statement of Profit and Loss for the quarter and half year ended September 30, 2019. Accordingly, the Company has
recognized Provision for lncome Tax for the year ended March 31, 2020 at the lower rate and Deferred Tax Asset (net) has been remeasured
resulting in deferred tax expenses of ` 3,569 Lakhs for the year ended March 31, 2020.
44. RELATED PARTY TRANSACTIONS

A. List of related Parties
Related Parties are classified as:

i. Key management personnel and relatives of key management personnel
1. Rajesh Patil
2. Naresh Patil
3. Milind Kolte
4. Gopal Sarda
5. Atul Bohra
6. Vinod Patil
7. Nirmal Kolte

8. Yashvardhan Patil
9. Harshavardhan Patil
10. Ankita Patil
11. Sunita Patil
12. Sunita Kolte

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