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Income taxes (Tables) | 12 Months Ended
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Mar. 31, 2020
Income Tax Disclosure Table | Income tax expense is comprised of the following:
|  | Fiscal year ended March 31, |
|  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2020 |
|  | (In millions) |
Current tax expense |  | Rs. | 108,676.0 |  |  | Rs. | 128,050.2 |  |  | Rs. | 105,587.8 |  |  | US$ | 1,400.6 |
Deferred tax (benefit) expense |  |  | (10,403.5 | ) |  |  | (8,129.4 | ) |  |  | (101.2 | ) |  |  | (1.3 | )
Interest on income tax refund |  |  | — |  |  |  | (527.3 | ) |  |  | (6.6 | ) |  |  | (0.2 | )
Income tax expense |  | Rs. | 98,272.5 |  |  | Rs. | 119,393.5 |  |  | Rs. | 105,480.0 |  |  | US$ | 1,399.1 |
Reconciliation Of Statutory Federal Tax Rate | The following is the reconciliation of income taxes at the Indian statutory income tax rate to income tax expense as reported:
|  | Fiscal year ended March 31, |
|  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2020 |
|  | (In millions) |
Income before income tax expense |  | Rs. | 277,106.4 |  |  | Rs. | 339,959.0 |  |  | Rs. | 365,844.0 |  |  | US$ | 4,852.8 |
Statutory income tax rate |  |  | 34.61 | % |  |  | 34.94 | % |  |  | 25.17 | % |  |  | 25.17 | %
Expected income tax expense |  |  | 95,901.0 |  |  |  | 118,795.3 |  |  |  | 92,075.6 |  |  |  | 1,221.3 |
Adjustments to reconcile expected income tax to actual tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on income tax refund |  |  | — |  |  |  | (343.0 | ) |  |  | (4.9 | ) |  |  | (0.1 | )
Stock-based compensation |  |  | 2,282.3 |  |  |  | 1,867.2 |  |  |  | 1,881.6 |  |  |  | 25.0 |
Income exempt from taxes |  |  | (524.8 | ) |  |  | (1,422.8 | ) |  |  | (744.2 | ) |  |  | (9.9 | )
Effect of change in statutory income tax rate |  |  | (209.2 | ) |  |  | — |  |  |  | 11,213.2 |  |  |  | 148.7 |
Others, net |  |  | 823.2 |  |  |  | 496.8 |  |  |  | 1,058.7 |  |  |  | 14.1 |
Income tax expense |  | Rs. | 98,272.5 |  |  | Rs. | 119,393.5 |  |  | Rs. | 105,480.0 |  |  | US$ | 1,399.1 |
Components of Deferred Tax Assets and Liabilities | The tax effects of significant temporary differences are as follows:
|  | As of March 31, |
|  | 2019 |  |  | 2020 |  |  | 2020 |
|  | (In millions) |
Tax effect of: |  |  |  |  |  |  |  |  |  |  |  |
Deductible temporary differences: |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses |  | Rs. | 39,604.8 |  |  | Rs. | 37,561.2 |  |  | US$ | 498.2 |
Lease liabilities |  |  | — |  |  |  | 16,514.0 |  |  |  | 219.0 |
Employee benefits |  |  | 2,063.1 |  |  |  | 1,415.0 |  |  |  | 18.8 |
Accrued expenses and other liabilities |  |  | 4,310.4 |  |  |  | 3,381.2 |  |  |  | 44.8 |
Others |  |  | 1,874.4 |  |  |  | 1,769.4 |  |  |  | 23.5 |
Deferred tax asset |  |  | 47,852.7 |  |  |  | 60,640.8 |  |  |  | 804.3 |
Taxable temporary differences: |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use assets |  |  | — |  |  |  | 16,514.0 |  |  |  | 219.0 |
Unrealized gain on securities available for sale |  |  | 5,680.2 |  |  |  | 16,644.6 |  |  |  | 220.8 |
Loan origination cost and fees |  |  | 5,606.3 |  |  |  | 3,373.3 |  |  |  | 44.7 |
Investments, others |  |  | 2,677.0 |  |  |  | 1,510.2 |  |  |  | 20.0 |
Deferred tax liability |  |  | 13,963.5 |  |  |  | 38,042.1 |  |  |  | 504.5 |
Net deferred tax asset (liability) |  | Rs. | 33,889.2 |  |  | Rs. | 22,598.7 |  |  | US$ | 299.8 |
Reconciliation Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending b a lance of unrecognized tax benefits is as follows:
|  | Fiscal year ended March 31, |
|  | 2019 |  |  | 2020 |  |  | 202 0 |
|  | (In millions) |
Opening balance |  | Rs. | 648.3 |  |  | Rs. | 14,448.1 |  |  | US$ | 191.6 |
Increase related to prior year tax positions |  |  | 13,799.8 |  |  |  | 16,274.4 |  |  |  | 215.9 |
Increase related to current year tax positions |  |  | Rs. — |  |  | Rs. | 6,380.7 |  |  | US$ | 84.6 |
Closing balance |  | Rs. | 14,448.1 |  |  | Rs. | 37,103.2 |  |  | US$ | 492.1 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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