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v3.25.2

Income taxes (Tables) | 12 Months Ended
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Mar. 31, 2025
Income Tax Expense | Income tax expense is comprised of the following:
|  | Fiscal year ended March 31, |
|  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2025 |
|  | (In millions) |
Current tax expense |  | Rs. | 156,782.9 |  |  | Rs. | 140,308.9 |  |  | Rs. | 199,251.5 |  |  | US$ | 2,332.3 |
Deferred tax expense/ (benefit) |  |  | 12,280.9 |  |  |  | (57,133.2 | ) |  |  | (15,613.6 | ) |  |  | (182.8 | )
Interest on income tax refund |  |  | (2,946.4 | ) |  |  | (5,348.6 | ) |  |  | (8,623.0 | ) |  |  | (100.9 | )
Income tax expense |  | Rs. | 166,117.4 |  |  | Rs. | 77,827.1 |  |  | Rs. | 175,014.9 |  |  | US$ | 2,048.6 |
Reconciliation of Income Taxes at Indian Statutory Income Tax Rate to Income Tax Expense as Reported | A reconciliation of taxes at the Indian statutory income tax rate, the income tax rate of the Bank’s country of domicile, to income tax expense as reported is as follows:
|  | Fiscal year ended March 31, |
|  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2025 |
|  | (In millions) |
Income before income tax expense |  | Rs. | 662,381.8 |  |  | Rs. | 705,459.0 |  |  |  | Rs. 861,546.2 |  |  | US$ | 10,084.5 |
Statutory income tax rate |  |  | 25.17 | % |  |  | 25.17 | % |  |  | 25.17 | % |  |  | 25.17 | %
Expected income tax expense |  |  | 166,708.3 |  |  |  | 177,549.9 |  |  |  | 216,833.8 |  |  |  | 2,538.1 |
Adjustments to reconcile expected income tax to actual tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on income tax refund |  |  | (2,204.9 | ) |  |  | (4,125.0 | ) |  |  | (6,452.8 | ) |  |  | (75.5 | )
Stock-based compensation |  |  | 1,645.9 |  |  |  | (10,645.6 | ) |  |  | 1,427.1 |  |  |  | 16.7 |
Income subject to rates other than the statutory income tax rate |  |  | (6.8 | ) |  |  | (1,262.0 | ) |  |  | (910.8 | ) |  |  | (10.7 | )
Remeasurement of deferred taxes for investment in subsidiaries and affiliates |  |  | — |  |  |  | — |  |  |  | (11,503.2 | ) |  |  | (134.6 | )
Special reserve deduction |  |  | — |  |  |  | (5,143.2 | ) |  |  | (8,053.7 | ) |  |  | (94.3 | )
Unrecognized tax benefit of earlier years including consequential tax credit pursuant to favourable orders received recognised |  |  | — |  |  |  | (80,874.4 | ) |  |  | (16,515.6 | ) |  |  | (193.3 | )
Other, net |  |  | (25.1 | ) |  |  | 2,327.4 |  |  |  | 190.1 |  |  |  | 2.2 |
Income tax expense |  | Rs. | 166,117.4 |  |  | Rs. | 77,827.1 |  |  |  | Rs. 175,014.9 |  |  | US$ | 2,048.6 |
Tax Effects of Significant Temporary Differences | The tax effects of significant temporary differences are as follows:
|  | As of March 31, |
|  | 2024 |  |  | 2025 |  |  | 2025 |
|  | (In millions) |
Tax effect of: |  |  |  |  |  |  |  |  |  |  |  |
Deductible temporary differences: |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses |  | Rs. | 43,093.6 |  |  | Rs. | 69,769.8 |  |  | US$ | 816.7 |
Investments |  |  | 7,704.7 |  |  |  | 235.4 |  |  |  | 2.8 |
Lease liabilities |  |  | 32,034.7 |  |  |  | 37,099.8 |  |  |  | 434.3 |
Undistributed policyholders earnings account |  |  | — |  |  |  | 32,960.6 |  |  |  | 385.8 |
Employee benefits |  |  | 4,632.2 |  |  |  | 4,062.2 |  |  |  | 47.6 |
Borrowings |  |  | 10,714.9 |  |  |  | 10,468.3 |  |  |  | 122.5 |
Stock based compensation |  |  | 20,166.2 |  |  |  | 19,009.0 |  |  |  | 222.5 |
Others |  |  | 320.1 |  |  |  | 734.9 |  |  |  | 8.6 |
Deferred tax asset |  |  | 118,666.4 |  |  |  | 174,340.0 |  |  |  | 2,040.8 |
Taxable temporary differences: |  |  |  |  |  |  |  |  |  |  |  |
ROU Asset |  |  | 32,009.3 |  |  |  | 37,087.5 |  |  |  | 434.1 |
Property, plant and equipments |  |  | — |  |  |  | 5,795.7 |  |  |  | 67.8 |
Loan origination cost |  |  | 7,541.1 |  |  |  | 9,992.1 |  |  |  | 117.0 |
Intangible assets |  |  | 313,272.2 |  |  |  | 306,920.5 |  |  |  | 3,592.7 |
Investments |  |  | 53,998.2 |  |  |  | 92,614.8 |  |  |  | 1,084.1 |
Liabilities on policies in force |  |  | — |  |  |  | 26,315.8 |  |  |  | 308.0 |
Others |  |  | — |  |  |  | 9,438.9 |  |  |  | 110.5 |
Deferred tax liability |  |  | 406,820.8 |  |  |  | 488,165.3 |  |  |  | 5,714.2 |
Net deferred tax asset/ (liability) |  | Rs. | (288,154.4 | ) |  | Rs. | (313,825.3 | ) |  | US$ | (3,673.4 | )
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, |
|  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2025 |
|  | (In millions) |
Opening balance |  | Rs. | 46,774.3 |  |  | Rs. | 48,792.1 |  |  | Rs. | 22,042.3 |  |  | US$ | 258.0 |
Increase related to acquisition of eHDFC |  |  | — |  |  |  | 52,980.5 |  |  |  | — |  |  |  | — |
Decrease related to prior year tax positions |  |  | — |  |  |  | (80,874.4 | ) |  |  | (16,515.6 | ) |  |  | (193.3 | )
Increase related to current year tax positions |  |  | 2,017.8 |  |  |  | 1,144.1 |  |  |  | 1,190.6 |  |  |  | 13.9 |
Closing balance |  | Rs. | 48,792.1 |  |  | Rs. | 22,042.3 |  |  | Rs. | 6,717.3 |  |  | US$ | 78.6 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + 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://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
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