SUBSIDIARY COMPANIES - ITC Ltd

NOTES TO THE ACCOUNTS
As at As at
March 31, 2012 March 31, 2011
(` in Lacs) (` in Lacs)
4. Deferred tax
Deferred tax liabilities
Difference between book depreciation and depreciation under
the Income Tax Act, 1961
Deferred tax assets
420.58 459.95
On Unabsorbed depreciation as per Income Tax Act, 1961 682.58 577.45
On Disallowance u/s 43B of the Income Tax Act, 1961 159.24 216.35
On VRS cost u/s 35 DDA of the Income Tax Act, 1961 1,456.72 764.44
On Provision for doubtful debts 152.94 156.59
On Long-term capital loss as per Income Tax Act, 1961 223.10 261.63
On Business loss as per Income Tax Act, 1961 2,765.04 1,874.18
5,439.62 3,850.64
Net deferred tax asset 420.58 459.95
Deferred tax asset (net) recognised *
*Deferred tax asset has been recognised only to the extent of the deferred
tax liabilities as this amount is considered to be virtually certain of realisation.
— —
5. Other long-term liabilities
Security deposit received from holding company 5,000.00 —
Premium on zero coupon preference shares* 441.68 0.27
Rent payable 211.00 172.08
* Premium is payable to ITC Limited (holding company effective
September 29, 2011, was the ultimate holding company in 2010-11).
5,652.68 172.35
6. Long-term provisions
Provisions for employee benefits (see note 25)
Provision for leave encashment 87.97 84.53
87.97 84.53
7. Short-term borrowings
Unsecured :
Short-term loans and advances from related parties
Pavan Poplar Limited (wholly-owned subsidiary) 25.84 23.30
25.84 23.30
8. Trade payables
Total outstanding dues of micro enterprises and small enterprises (see note 36) — —
Total outstanding dues of creditors other than micro enterprises and small enterprises 4,093.59 4,628.04
9. Other current liabilities
4,093.59 4,628.04
Interest accrued but not due on deposits 8.41 8.70
Advances from customers 83.96 131.94
Deposit from customers 45.06 59.57
Employee benefits payable 206.68 295.43
Statutory dues payable* 74.07 155.86
Rent payable 9.46 6.17
*Statutory dues payable include
427.64 657.67
Wealth tax and withholding taxes 49.69 61.55
Excise duty, custom duty and service tax 12.31 44.60
VAT and Others 12.07 49.71
74.07 155.86
10. Short-term provisions
WIMCO LIMITED
Provisions for employee benefits (See Note 25)
Provision for gratuity 87.77 249.22
Provision for leave encashment 1.94 1.29
89.71 250.51
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