INCOME TAX

12 Months Ended

Mar. 31, 2024

INCOME TAX

INCOME TAX

NOTE 6 – 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, 2024 and 2023, are as follows:

	March 31,			March 31,
	2024			2023
Net operating loss carryforward	$	(805,029	)	$	(741,283	)
Tax Rate		21	%		21	%
Deferred tax asset		(169,056	)		(155,669	)
Less: Valuation allowance		169,056			155,669
Deferred tax asset	$	-		$	-

As of March 31, 2024, the Company had approximately $805,000 of the U.S. net operating losses (the “U.S. NOLs”), which begin to expire between 2035 and 2039. NOLs generated in tax years prior to March 31, 2018, can be carried forward for twenty years, whereas NOLs generated after March 31, 2018 can be carried forward 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 2024 are subject to review by the tax authorities.