INCOME TAX

12 Months Ended

Mar. 31, 2025

INCOME TAX

INCOME TAX

NOTE 10 – INCOME TAX

The Company provides for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations.

 The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the statutory rate to the income tax amount recorded as of March 31, 2025 and 2024, are as follows:

	March 31,			March 31,
	2025			2024
Net operating loss carryforward	$	2,276,775		$	2,202,173
Effective tax rate		21	%		21	%
Deferred tax asset		478,123			462,456
Less: Valuation allowance		(478,123	)		(462,456	)
Net deferred asset	$	-		$	-

As of March 31, 2025, the Company had approximately $2.3 million in net operating losses (“NOLs”) that may be available to offset future taxable income, which begin to expire between 2034 and 2038. NOLs generated in tax years prior to March 31, 2018, can be carryforward for twenty years, whereas NOLs generated after March 31, 2018 can be carryforward indefinitely. In accordance with Section 382 of the U.S. Internal Revenue Code, the usage of the Company’s net operating loss carry forwards is subject to annual limitations following greater than 50% ownership changes. Tax returns for the years ended 2014 through 2025 are subject to review by the tax authorities.