ASCENDAS india trust ANNUAL REPORT 2014/15
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
For the financial year ended 31 March 2015
7.
Income taxes
(a)
Income tax expense
Group
2015
2014
$'000
$'000
Tax expense attributable to profit is made up of:
Current Income Tax Expense
– Based on current year's results
14,980
14,446
– Over provision in respect of prior years
(73)
(8)
14,907
14,438
Deferred Income Tax Expense
– Based on current year's results
19,706
14,404
– Effects of change in deferred tax rate
3,684
2,401
– Over provision in respect of prior years
–
(879)
38,297
30,364
The reconciliation between tax expense and the product of accounting profit multiplied by the applicable corporate
tax rate for the years ended 31 March 2015 and 2014 is as follows:
Group
2015
2014
$'000
$'000
Profit before tax
109,314
85,224
Tax calculated at tax rate of 33.99% (2014: 33.99%)
37,156
28,968
Effects of:
– Expenses not deductible for tax purpose
3,906
3,105
– Tax incentives
(4,927)
(3,252)
– Income not subject to tax
(5,393)
(3,493)
– Effect of change in deferred tax rate
3,684
2,401
– Dividend distribution tax and withholding tax
3,778
4,206
– Over provision in respect of prior years
(73)
(887)
– Others
166
(684)
38,297
30,364
