ICICI Bank 2011 Annual Report Download - page 119

F41
42. Deferred tax
At March 31, 2011, the Bank has recorded net deferred tax asset of ` 26,900.3 million (March 31, 2010: ` 20,756.7 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.
` in million
At
March 31, 2011
At
March 31, 2010
Deferred tax asset
Provision for bad and doubtful debts .................................................................. 28,944.3 23,597.6
Others ................................................................................................................... 2,398.8 1,827.4
Total deferred tax assets1 .................................................................................... 31,343.1 25,425.0
Deferred tax liability
Depreciation on fixed assets ................................................................................ 4,444.1 4,671.1
Total deferred tax liability ................................................................................... 4,444.1 4,671.1
Deferred tax asset/(liability) pertaining to foreign branches .............................. 1.3 2.8
Total net deferred tax asset/(liability) ................................................................ 26,900.3 20,756.7
1. Pursuant to the amalgamation of erstwhile Bank of Rajasthan with the Bank from the close of the business at August 12, 2010, the
Bank has recognised deferred tax assets of ` 827.3 million on eligible amount of timing difference on the date of amalgamation.
43. Dividend distribution tax
For the purpose of computation of dividend distribution tax on the proposed dividend, the Bank has reduced the dividend
received from its Indian subsidiaries, which are not the subsidiaries of any other company, on which dividend distribution
tax has been paid by the subsidiaries as per the provisions of Section 115-O of the Income Tax Act, 1961.
44. Related party transactions
The Bank has transactions with its related parties comprising subsidiaries, associates/joint ventures/other related entities,
key management personnel and relatives of key management personnel.
Subsidiaries
ICICI Bank UK PLC, ICICI Bank Canada, ICICI Bank Eurasia Limited Liability Company, ICICI Prudential Life Insurance
Company Limited1, ICICI Lombard General Insurance Company Limited1, ICICI Prudential Asset Management Company
Limited1, ICICI Securities Limited, ICICI Securities Primary Dealership Limited, ICICI Home Finance Company Limited,
ICICI Venture Funds Management Company Limited, ICICI International Limited, ICICI Trusteeship Services Limited, ICICI
Investment Management Company Limited, ICICI Securities Holdings Inc., ICICI Securities Inc., ICICI Prudential Trust
Limited1, ICICI Wealth Management Inc. (upto December 31, 2009) and ICICI Prudential Pension Funds Management
Company Limited.
1. Jointly controlled entities.
Associates/joint ventures/other related entities
ICICI Equity Fund1, ICICI Eco-net Internet and Technology Fund1, ICICI Emerging Sectors Fund1, ICICI Strategic Investments
Fund1, ICICI Kinfra Limited1, ICICI West Bengal Infrastructure Development Corporation Limited1 (upto December 31, 2010),
Financial Inclusion Network & Operations Limited (earlier known as Financial Information Network & Operations Limited), TCW/
ICICI Investment Partners Limited (earlier known as TCW/ICICI Investment Partners LLC), I-Process Services (India) Private
Limited, I-Solutions Providers (India) Private Limited, NIIT Institute of Finance, Banking and Insurance Training Limited, ICICI
Venture Value Fund1, Comm Trade Services Limited, Loyalty Solutions & Research Limited1 (upto March 31, 2010), Transafe
Services Limited1 (upto September 30, 2009), Prize Petroleum Company Limited, ICICI Foundation for Inclusive Growth,
Firstsource Solutions Limited (upto December 31, 2009), I-Ven Biotech Limited1, Rainbow Fund, ICICI Merchant Services
Private Limited and Mewar Aanchalik Gramin Bank2.
1. Entities consolidated as per Accounting Standard (AS) 21 on ‘consolidated financial statements’.
2. With respect to an entity, which has been identified as a related party during the year ended March 31, 2011, previous year’s
comparative figures have not been reported.
Key management personnel
Mr. K. V. Kamath1, Ms. Chanda Kochhar, Mr. Sandeep Bakhshi2, Mr. N. S. Kannan3, Mr. K. Ramkumar, Mr. Rajiv Sabharwal4,
Mr. Sonjoy Chatterjee5, Mr. V. Vaidyanathan1.
forming part of the Accounts (Contd.)
schedules