ICICI Bank 2015 Annual Report Download - page 170

168 Annual Report 2014-2015
Schedules
forming part of the Accounts (Contd.)
Financial Statements of ICICI Bank Limited
The Bank has assessed its obligations arising in the normal course of business, including pending litigations, proceedings
pending with tax authorities and other contracts including derivative and long term contracts. In accordance with
the provisions of Accounting Standard - 29 on ‘Provisions, Contingent Liabilities and Contingent Assets’, the Bank
recognises a provision for material foreseeable losses when it has a present obligation as a result of a past event and it
is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate
can be made. In cases where the available information indicates that the loss on the contingency is reasonably possible
but the amount of loss cannot be reasonably estimated, a disclosure to this effect is made as contingent liabilities in the
financial statements. The Bank does not expect the outcome of these proceedings to have a materially adverse effect
on its financial results.
39. Details of amount transferred to The Depositor Education and Awareness Fund (the Fund) of RBI
The following table sets forth, for the period indicated, the movement in amount transferred to the Fund.
` in million
Particulars Year ended
March 31, 2015
Opening balance –
Amounts transferred 2,598.8
Amounts reimbursed by the Fund towards claims 23.0
Closing balance 2,575.8
40. Provisions for income tax
The provision for income tax (including deferred tax) for the year ended March 31, 2015 amounted to ` 46,395.7 million
(March 31, 2014: ` 41,526.7 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 transactions with
international related parties and specified transactions with domestic related parties are primarily at arm’s length so
that the above legislation does not have material impact on the financial statements.
41. Deferred tax
At March 31, 2015, the Bank has recorded net deferred tax asset of ` 14,480.0 million (March 31, 2014: ` 7,468.6
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
Particulars At
March 31, 2015
At
March 31, 2014
Deferred tax asset
Provision for bad and doubtful debts 37,860.0 27,621.5
Capital loss 50.5 49.6
Others 3,118.1 2,204.8
Total deferred tax asset 41,028.6 29,875.9
Deferred tax liability
Special Reserve deduction 21,273.0 17,234.9
Depreciation on fixed assets 5,270.7 5,172.3
Others 4.9 –
Total deferred tax liability 26,548.6 22,407.3
Total net deferred tax asset/(liability) 14,480.0 7,468.6
1. Deferred tax asset/(liability)pertaining to foreign branches are included in respective categories.