Page 227 - Kolte Patil AR 2019-20
P. 227

Notes forming part of the Consolidated Financial Statements

            The income tax expense can be reconciled to the accounting profit as follows:
                                                                                                       (H in Lakhs)
                                                                                       Year ended     Year ended
                                                                                    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.

            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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