Page 227 - Kolte Patil AR 2019-20

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