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 (continued)
(c)
Deferred income tax liabilities and assets
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current income
tax assets against current income tax liabilities and when the deferred income taxes relate to the same tax authority.
The amounts, determined after appropriate offsetting, are shown on the balance sheet as follows:
Group
2015
2014
$'000
$'000
Deferred income tax assets:
– To be settled after one year
(10,043)
(13,246)
Deferred income tax liabilities:
– To be settled after one year
173,908 145,802
Deferred income tax liabilities – net
163,865 132,556
The above comprises the following:
– Fair value gains on investment properties
173,908 145,802
– Minimum alternate tax credit
(10,043)
(13,246)
163,865 132,556
The movements in the deferred income tax assets and liabilities are as follows:
Fair Value
Gains on
Investment
Properties
Minimum
Alternate
Tax Credit
Total
$'000
$'000
$'000
2015
Balance at beginning of financial year
145,802 (13,246)
132,556
Tax charged to income statement
17,877
5,513
23,390
Arising from acquisition of subsidiary
1,863
(1,549)
314
Translation differences
8,366
(761)
7,605
Balance at end of financial year
173,908 (10,043)
163,865
2014
Balance at beginning of financial year
141,630 (13,422)
128,208
Tax charged to income statement
16,967
(1,041)
15,926
Translation differences
(12,795)
1,217
(11,578)
Balance at end of financial year
145,802 (13,246)
132,556
Deferred income tax assets are recognised for minimum alternate tax credit available and tax losses carried forward
to the extent that realisation of the related tax benefits through future taxable profits is probable.
