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
8.
Income taxes (continued)
(a)
Income tax expense
A 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:
2015
2014
$’000
$’000
Profit before income tax
5,164
4,222
Income tax using the statutory tax rate of 17% (2014: 17%)
878
717
Effect of partial tax exemption
(26)
(26)
Tax effect of non-deductible expenses
105
87
Income not subject to tax
(237)
(190)
Effect of tax incentives
(32)
(38)
Under provision in respect of prior years
–
7
Others
#
1
Income tax expense recognised in profit or loss
688
558
# Less than $1,000
(b)
Movements in current income tax liabilities
2015
2014
$’000
$’000
Beginning of financial year
732
672
Current income tax
685
554
Under provision in respect of prior years
–
7
Income tax paid
(527)
(501)
End of financial year
890
732
(c)
Deferred income tax assets
2015
2014
$’000
$’000
Deferred income tax assets
– To be settled after one year
(10)
(13)
(10)
(13)
Movements in the deferred income tax account are as follows:
2015
2014
$’000
$’000
Beginning of financial year
(13)
(10)
Movement in temporary difference
3
(3)
End of financial year
(10)
(13)
