ICICI Bank 2008 Annual Report Download - page 114

F40
27. Assets given on lease
There are no assets given under operating lease as at March 31, 2008 and March 31, 2007.
27.1 Assets under finance lease
The details of finance leases are given below:
Rupees in million
Particulars As on
March 31, 2008
As on
March 31, 2007
Total of future minimum lease receipts ..................................................... 353.7 617.3
Present value of lease receipts ..................................................................... 325.6 548.8
Unmatured finance charges.......................................................................... 28.1 68.5
Maturity profile of future minimum lease receipts
– Not later than one year ......................................................................... 213.3 323.4
– Later than one year and not later than five years ................................. 140.4 293.9
– Later than five years .............................................................................. ——
Total .............................................................................................................. 353.7 617.3
27.2 Maturity profile of present value of lease rentals
The details of maturity profile of present value of finance lease receipts are given below:
Rupees in million
Particulars As on
March 31, 2008 As on March 31, 2007
Not later than one year ................................................................................. 193.0 282.6
Later than one year and not later than five years ......................................... 132.6 266.2
Later than five years ...................................................................................... ——
Total .............................................................................................................. 325.6 548.8
28. Early Retirement Option (“ERO”)
The Bank had implemented an Early Retirement Option Scheme 2003 for its employees in July 2003. All employees who had
completed 40 years of age and seven years of service with the Bank (including period of service with entities amalgamated
with the Bank) were eligible for the ERO.
The ex-gratia payments under ERO, terminations benefits and leave encashment in excess of the provision made (net of
tax benefits), aggregating to Rs. 1,910.0 million is being amortised over a period of five years commencing August 1, 2003
(the date of retirement of employees exercising the Option being July 31, 2003).
On account of the above ERO scheme, an amount of Rs. 384.0 million (March 31, 2007: Rs. 384.0 million) has been charged
to revenue being the proportionate amount amortised for the year ended March 31, 2008.
29. Provision for income tax
The provision for income tax (including deferred tax and fringe benefit tax) for the year ended March 31, 2008 amounted
to Rs. 8,953.7 million (March 31, 2007: Rs. 5,348.2 million).
The Bank has a comprehensive system of maintenance of information and documents required by transfer pricing legislation
under section 92-92F of the Income Tax Act, 1961. The Bank is of the opinion that all international transactions are at arm’s
length so that the above legislation will not have material impact on the financial statements.
30. Deferred tax
As on March 31, 2008 the Bank has recorded net deferred tax asset of Rs. 13,233.9 million (March 31, 2007: Rs. 6,099.6
million), which has been included in other assets.
schedules
forming part of the Accounts (Contd.)
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