ICICI Bank 2010 Annual Report Download - page 120

F40
30. Assets given on lease
Assets under finance lease
The following table sets forth, for the periods indicated, the details of finance leases.
Rupees in million
Particulars At
March 31, 2010 At March 31, 2009
Future minimum lease receipts ..........................................................................
Present value of lease receipts ........................................................................... 17.4 174.8
Unmatured finance charges................................................................................ 0.2 9.3
Total .................................................................................................................... 17.6 184.1
Maturity profile of future minimum lease receipts
– Not later than one year ............................................................................... 17.6 176.4
– Later than one year and not later than five years ....................................... —7.7
– Later than five years .................................................................................... ——
Total .................................................................................................................... 17.6 184.1
Maturity profile of present value of lease rentals
The following table sets forth, for the periods indicated, the details of maturity profile of present value of finance lease
receipts.
Rupees in million
Particulars At
March 31, 2010 At March 31, 2009
Not later than one year ....................................................................................... 17.4 167.3
Later than one year and not later than five years ............................................... —7.5
Later than five years ............................................................................................ ——
Total .................................................................................................................... 17.4 174.8
31. Provision for income tax
The provision for income tax (including deferred tax) for the year ended March 31, 2010 amounted to Rs. 13,173.4 million
(March 31, 2009: Rs. 13,558.4 million). The levy of fringe benefit tax (FBT) is not applicable as the Finance (No. 2) Act, 2009
has abolished FBT with effect from financial year 2009-10.
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.
32. Deferred tax
At March 31, 2010, the Bank has recorded net deferred tax asset of Rs. 20,756.7 million (March 31, 2009: Rs. 17,923.1
million), which has been included in other assets.
The following table sets forth, for the periods indicated, the break-up of deferred tax assets and liabilities into major
items.
Rupees in million
At
March 31, 2010 At March 31, 2009
Deferred tax asset
Provision for bad and doubtful debts ................................................................. 23,597.6 21,597.8
Capital loss .......................................................................................................... —131.4
Others ................................................................................................................. 1,827.4 1,680.3
Total deferred tax assets .................................................................................. 25,425.0 23,409.5
Deferred tax liability
Depreciation on fixed assets .............................................................................. 4,671.1 5,460.1
Total deferred tax liability ................................................................................. 4,671.1 5,460.1
Deferred tax asset/(liability) pertaining to foreign branches ............................... 2.8 (26.3)
Total net deferred tax asset/(liability) ............................................................. 20,756.7 17,923.1
33. Dividend distribution tax
For the purpose of computation of dividend distribution tax on the proposed dividend, the Bank has reduced the dividend
distribution tax on dividend received from its Indian subsidiaries as per the provisions of Section 115-O of the Income Tax
Act, 1961 read with Finance Bill, 2010 and Section 294 of the Income Tax Act, 1961.
schedules
forming part of the Accounts (Contd.)