Consolidated STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS 279 HERITAGE FOODS LTD | 32ND ANNUAL REPORT 2023-24 For the year ended 31 March 2024 31 March 2023 (h) Movements in the provision during the year Opening provision 11.18 7.06 Add: Amount required to be spent during the year 32.24 31.18 Less: Amount spent during the year (12.00) (27.06) Closing provision (Refer Note:1) 31.42 11.18 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 : ₹11.18), which will be spent during the financial year 2024-25. In accordance with the provisions of Section 135(6) of the Act, the Group 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) Tax expense comprises of: Current income tax 375.21 228.36 Deferred tax expense 10.17 9.34 Income tax expense reported in the Consolidated Statement of Profit and loss 385.38 237.70 For the year ended 31 March 2024 31 March 2023 Income tax expense attributable to: Continuing operations 385.38 237.67 Discontinued operations - 0.03 385.38 237.70 The major components of income tax expense and the reconciliation of expected tax expense based on the domestic effective tax rate of the Holding Company at 25.168% (31 March 2023: 25.168%) and the reported tax expense in the Consolidated Statement of Profit and Loss is as follows: Reconciliation of income 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 from continuing operations 1,450.87 817.43 Loss before tax from discontinued operations - (0.01) Expected income tax expense at the Indian tax rate 25.168% (31 March 2023: 25.168%) 365.15 205.73 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 24.61 29.09 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 (0.90) 3.01 Income tax expense 385.38 237.70 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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