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Income taxes (Tables)

12 Months Ended

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 balance of unrecognized tax benefits is as follows:

		Fiscal year ended March 31,
		2019				2020				2020
		(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

X

- 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.

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