ICICI Bank 2003 Annual Report Download - page 156
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F92
The Company had a valuation allowance of Rs. 97 million as at April 1, 2001. The net change in the total valuation
allowance for the years ended March 31, 2002 and March 31, 2003 was an increase of Rs. 129 and Rs. 298 million
respectively. The majority of the valuation allowance as of March 31, 2002 related to business loss carried forward
and capital loss carried forward. As at March 31, 2003, included in the above, the Company has recorded a valuation
allowance of Rs. 280 million pertaining to an excess of the amount for financial reporting over the tax basis carried
forward pertaining to investment in equity affiliates.
As at March 31, 2003, the Company has business loss carry forward of Rs. 505 million, with expiration dates as
follows: March 31, 2009 – Rs. 108 million, March 31, 2010 – Rs. 43 million. Further, business loss carry forward
pertaining to the Company’s US subsidiary was Rs. 321million which expires in 2022 and Australian subsidiary was
Rs. 33 million which has no expiration date. The Company’s capital loss carried forward of Rs. 110 million expires
in March 31, 2006.
Reconciliation of tax rates
The Indian statutory tax rate is 35% plus a surcharge. During each of the years presented, legislation was enacted
in the first few months of the fiscal year that changed the amount of the surcharge for that fiscal year and future
years. The surcharge was changed to 13%, 2% and 5% during the years ended March 31, 2001, 2002 and 2003,
respectively, and resulted in a total statutory tax rate of 39.55%, 35.70% and 36.75% for the years ended March 31,
2001, 2002 and 2003, respectively.
The following is the reconciliation of expected income taxes at statutory income tax rate to income tax expense/
benefit as reported:
(Rs. in millions)
Year ended March 31,
2001 2002 2003
Income/(loss) before income taxes 6,819 533 (11,044)
Statutory tax rate 39.55% 35.70% 36.75%
Income tax expense/(benefit) at the statutory tax rate 2,697 190 (4,059)
Increases/(reductions) in taxes on account of:
Special tax deductions available to financial institutions (542) (333) (38)
Exempt interest and dividend income (525) (800) (558)
Income charged at rates other than statutory tax rate (927) 280 916
Changes in the statutory tax rate (192) 360 (109)
Expenses disallowed for tax purposes 179 109 486
Tax on undistributed earnings of subsidiary 227 234 62
Change in valuation allowance 97 129 298
Tax adjustments in respect of prior year tax assessments — 175 (31)
Tax adjustment on account of change in tax status of subsidiary ——(97)
Other (825) (93) 69
Income tax expense/(benefit) reported 189 251 (3,061)
Continued
notes to the consolidated financial statements