217 HERITAGE FOODS LTD | 32ND ANNUAL REPORT 2023-24 Standalone STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS (ii) Details of CSR expenditure : For the year ended 31 March 2024 31 March 2023 (a) Gross amount required to be spent during the year 31.42 30.36 (b) Amount spent during the year (i) Construction/ acquisition of asset 3.88 14.47 (ii) On purposes other than (i) above 7.24 11.83 (c) Shortfall at the end of the year 31.42 11.12 (d) Total of previous years shortfall - - (e) Reason for shortfall Note: 1 Note: 1 (f) Nature of CSR activities Health and Education support Health and Education support (g) Details of related party transactions Refer note 41 Refer note 41 (h) Movements in the provision during the year (Refer Note: 1) Opening provision 11.12 7.06 Add: Amount required to be spent during the year 31.42 30.36 Less: Amount spent during the year (11.12) (26.30) Closing provision (refer note 1) 31.42 11.12 Note: 1 As the selected projects for CSR spent are long-term in nature, the balance amount of ₹31.42 pertains to the financial year 2023-24 (31 March 2023 : ₹11.12), which will be spent during the financial year 2024-25. In accordance with the provisions of Section 135(6) of the Act, the Company has transferred the unspent amount to a separate bank account and the unspent amount has been provided in the accompanying financial statements. 31. Income tax expense For the year ended 31 March 2024 31 March 2023 (a) Income tax expense reported in the Statement of Profit and Loss Tax expense comprises of: Current tax expense 356.68 227.07 Deferred tax expense/(benefit) 6.88 7.42 363.56 234.49 The major components of income tax expense and the reconciliation of expected tax expense based on the domestic effective tax rate of the Company at 25.168% (31 March 2023: 25.168%) and the reported tax expense in the Standalone Statement of Profit and Loss is as follows: Reconciliation of tax expense and the accounting profit/(loss) multiplied by India’s tax rate For the year ended 31 March 2024 31 March 2023 Profit before tax 1,273.94 893.38 Expected tax expense at the Indian tax rate 25.168% (31 March 2023: 25.168%) 320.63 224.85 Tax effect of amounts which are not deductible/taxable in calculating taxable income: Effect of deductions allowed under Chapter VI-A of the Income Tax Act, 1961 (“IT Act, 1961) (3.90) (1.21) Effect of expenses not deductible under the IT Act, 1961 50.18 7.64 Effect of income not subject to tax under the IT Act, 1961 (1.40) (1.07) Effect of income subject to higher tax under the IT Act, 1961 1.82 2.15 Others (3.77) 2.13 Income tax expense 363.56 234.49 Summary of the material accounting policies and other explanatory information (All amounts in ₹ millions, except share data and where otherwise stated)
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