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Income taxes (Tables)

12 Months Ended

Mar. 31, 2022

Income Tax Expense

Income tax expense is comprised of the following:

		Fiscal year ended March 31,
		2020				2021				2022				2022
		(In millions)
Current tax expense		Rs.	105,587.8			Rs.	122,087.4			Rs.	142,446.5			US$	1,877.5
Deferred tax (benefit) expense			(101.2	)			(8,267.3	)			(9,887.3	)			(130.3	)
Interest on income tax refund			(6.6	)			—				—				—
Income tax expense		Rs.	105,480.0			Rs.	113,820.1			Rs.	132,559.2			US$	1,747.2

Reconciliation of Income Taxes at Indian Statutory Income Tax Rate to Income Tax Expense as Reported

The following is a reconciliation of income taxes at the Indian statutory income tax rate to income tax expense as reported:

		Fiscal year ended March 31,
		2020				2021				2022				2022
		(In millions)
Income before income tax expense		Rs.	365,844.0			Rs.	439,826.5			Rs.	519,162.2			US$	6,842.6
Statutory income tax rate			25.17	%			25.17	%			25.17	%			25.17	%
Expected income tax expense			92,075.6				110,695.5				130,662.7				1,722.2
Adjustments to reconcile expected income tax to actual income tax expense
Interest on income tax refund			(4.9	)			—				—				—
Stock-based compensation			1,881.6				2,668.7				3,493.1				46.0
Income subject to rates other than the statutory income tax rate			—				—				(2,347.6	)			(30.9	)
Income exempt from taxes			(744.2	)			(62.3	)			—				—
Effect of change in statutory income tax rate			11,213.2				—				—				—
Others, net			1,058.7				518.2				751.0				9.9
Income tax expense		Rs.	105,480.0			Rs.	113,820.1			Rs.	132,559.2			US$	1,747.2

Tax Effects of Significant Temporary Differences

The tax effects of significant temporary differences are as follows:

		As of March 31,
		2021				2022				2022
		(In millions)
Tax effect of:
Deductible temporary differences:
Allowance for loan losses		Rs.	67,584.1			Rs.	79,821.5			US$	1,052.1
Investments available for sale debt securities			—				6,997.0				92.2
Lease liabilities			17,723.8				19,745.8				260.3
Employee benefits			752.3				728.1				9.6
Accrued expenses and other liabilities			4,997.1				3,772.1				49.7
Others			1,904.4				2,158.9				28.4
Deferred tax asset			92,961.7				113,223.4				1,492.3
Taxable temporary differences:
Right-of-use assets			17,723.8				19,745.8				260.3
Investments available for sale debt securities			8,567.9				—				—
Loan origination cost and fees			3,456.0				5,024.1				66.2
Investments, others			2,874.2				3,097.2				40.8
Deferred tax liability			32,621.9				27,867.1				367.3
Net deferred tax asset (liability)		Rs.	60,339.8			Rs.	85,356.3			US$	1,125.0

Reconciliation of Beginning and Ending Balance of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows:

		Fiscal year ended March 31,
		2021				2022				2022
		(In millions)
Opening balance		Rs.	37,103.2			Rs.	43,048.0			US$	567.4
Settlements related to prior year tax positions			(221.5	)			(1,985.0	)			(26.2	)
Increase related to prior year tax positions			892.8				—				—
Increase related to current year tax positions		Rs.	5,273.5			Rs.	5,711.3			US$	75.3
Closing balance		Rs.	43,048.0			Rs.	46,774.3			US$	616.5

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.

+ References

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X

- 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

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X

- 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

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Tabular disclosure of the change in unrecognized tax benefits.

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