Financial Year 2012-13 (27 MB) - The New India Assurance Co. Ltd.

Leadership and Beyond2012N'0002011N'0002010N'00017 Provisions and other payablesProfessional fees 13,345 9,500 57,195Industrial Training fund 4,889 4,000 4,000Audit fees 6,500 4,000 4,000Insurance levy 20,000 20,000 20,000Profit sharing 1,892 22,098 41,543Others creditors 26,288 25,698 90,066Dividend payable - - 26,761VAT 55,365 37,170 3,887128,279 122,466 247,45218 Retirement obligationsBalance at the beginning of the year 94,995 71,246 -Payment during the year (74,504) - -Provision for the year 79,955 23,749 71,246Balance at the end of the year 100,446 94,995 71,24619. Income taxesTaxationabPer profit and loss accountIncome tax 175,584 198,228 278,570Education tax 17,380 18,601 28,229Deferred taxation 57,670 (26,750) 28,063Capital gains tax - - -250,634 190,079 334,862Per balance sheetBalance at the beginning of the year 304,305 316,553 289,155Income tax 175,584 198,228 278,570Education tax 17,380 18,601 28,229Payments during the year (191,587) (234,891) (287,710)305,682 298,491 308,244Information technology development levy 8,187 5,814 8,309Balance at the end of the year 313,868 304,305 316,553c2012N'0002011N'000Reconciliation of TaxesCurrent tax expenseCurrent tax on profit for the year:Income tax 175,584 198,228Education tax 17,380 18,601Total current tax 192,964 216,829ANNUAL REPORT393