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Income Taxes (Tables)
3 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign

The Company's net loss before provision for income taxes for the period ended June 30, 2024 and June 30, 2023 were as follows:

 

Particulars

 

 

 

 

 

 

 

For the three months ended
June 30, 2024

 

 

For the three months ended June 30, 2023

 

Domestic

 

 

 

 

 

 

 

 

(26,270,441

)

 

 

(3,744,111

)

Foreign

 

 

 

 

 

 

 

 

(22,075,253

)

 

 

(300,474

)

Total

 

 

 

 

 

 

 

 

(48,345,694

)

 

 

(4,044,585

)

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes for the period ended June 30, 2024 and June 30, 2023 were as follows:

 

Particulars

 

 

 

 

 

 

 

For the three months ended
June 30, 2024

 

 

For the three months ended June 30, 2023

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

 

 

 

 

 

 

12,933

 

 

 

 

Foreign

 

 

 

 

 

 

 

 

-

 

 

 

21,942

 

 

 

 

 

 

 

 

 

12,933

 

 

 

21,942

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

 

 

 

 

 

 

 

 

 

 

Foreign

 

 

 

 

 

 

 

 

93,717

 

 

 

469

 

 

 

 

 

 

 

 

 

93,717

 

 

 

469

 

 

 

 

 

 

 

 

 

 

 

 

 

Total provision for income taxes

 

 

 

 

 

 

 

 

106,650

 

 

 

22,411

 

Schedule of Reconciliation of Statutory Federal Income Tax Rate

The following is a reconciliation of the federal statutory income tax rate to the Company’s effective tax rate for the period ended June 30, 2024 and June 30, 2023:

 

Particulars

 

 

 

 

 

 

 

For the three months ended
June 30, 2024

 

 

For the three months ended June 30, 2023

 

Federal statutory income tax rate

 

 

 

 

 

 

 

 

21.00

%

 

 

21.00

%

Non deductible expenses

 

 

 

 

 

 

 

 

(0.25

%)

 

 

62.50

%

Valuation allowance

 

 

 

 

 

 

 

 

(20.79

%)

 

 

(84.49

%)

Foreign rate differential

 

 

 

 

 

 

 

 

0.05

%

 

 

0.27

%

Share warrants

 

 

 

 

 

 

 

 

0.00

%

 

 

0.00

%

Other

 

 

 

 

 

 

 

 

(0.04

%)

 

 

0.16

%

Total provision for income taxes

 

 

 

 

 

 

 

 

(0.03

%)

 

 

(0.56

%)

Schedule of Net Deferred Tax Assets

The components of the Company’s net deferred tax assets as of the period ended June 30, 2024 and year ended March 31, 2024 were as follows:

 

Particulars

 

 

 

 

 

 

 

As of
June 30,
2024

 

 

As of
March 31,
2024

 

Deferred tax assets:

 

 

 

 

 

 

 

 

 

 

 

 

Net operating loss carry forwards

 

 

 

 

 

 

 

 

35,803,863

 

 

 

25,515,511

 

Unabsorbed depreciation carry forwards

 

 

 

 

 

 

 

 

93,243

 

 

 

76,126

 

Retirement benefits

 

 

 

 

 

 

 

 

77,523

 

 

 

72,349

 

Depreciation and amortization

 

 

 

 

 

 

 

 

80,165

 

 

 

109,299

 

Others

 

 

 

 

 

 

 

 

16,957

 

 

 

244,136

 

Total deferred tax assets

 

 

 

 

 

 

 

 

36,071,751

 

 

 

26,017,421

 

Less: valuation allowance

 

 

 

 

 

 

 

 

(36,047,669

)

 

 

(25,995,368

)

Deferred tax assets, net of valuation allowance

 

 

 

 

 

 

 

 

24,082

 

 

 

22,053

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Intangibles on account of business combination

 

 

 

 

 

 

 

 

(228,273

)

 

 

(263,665

)

Net deferred tax assets/ (liabilities)

 

 

 

 

 

 

 

 

(204,191

)

 

 

(241,612

)

Schedule of Movement in Net Deferred Tax Assets

Movement in net deferred tax assets:

 

 

 

 

 

As of
March 31,
2024

 

 

Recognized/
reversed
through
statements of
operations

 

 

Impact of
currency
translation
and acquisitions

 

 

As of
June 30,
2024

 

Deferred tax assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating loss carry forwards

 

 

 

 

25,515,511

 

 

 

10,288,352

 

 

 

 

 

 

35,803,863

 

Unabsorbed depreciation carry forwards

 

 

 

 

76,126

 

 

 

17,117

 

 

 

 

 

 

93,243

 

Retirement benefits

 

 

 

 

72,349

 

 

 

5,174

 

 

 

 

 

 

77,523

 

Depreciation and amortization

 

 

 

 

109,299

 

 

 

-29,134

 

 

 

 

 

 

80,165

 

Fair value changes on convertible notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Others

 

 

 

 

244,136

 

 

 

(227,179

)

 

 

 

 

 

16,957

 

Less: valuation allowance

 

 

 

 

(25,995,368

)

 

 

(10,052,301

)

 

 

 

 

 

(36,047,669

)

Deferred tax liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangibles on account of business combination

 

 

 

 

(263,665

)

 

 

35,392

 

 

 

 

 

 

(228,273

)

Acquisitions

 

 

 

 

 

 

 

635,965

 

 

 

(635,965

)

 

 

 

Deconsolidation

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

 

Currency translation

 

 

 

 

 

 

 

(284,598

)

 

 

284,598

 

 

 

 

Net deferred tax assets/ (liabilities)

 

 

 

 

(241,612

)

 

 

388,788

 

 

 

(351,367

)

 

 

(204,191

)

 

Particulars

 

 

 

As of
March 31,
2023

 

 

Recognized/
reversed
through
statements
of operations

 

 

Impact of
currency
translation
and acquisitions

 

 

As of
March 31,
2024

 

Deferred tax assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating loss carry forwards

 

 

 

 

8,480,316

 

 

 

17,035,195

 

 

 

 

 

 

25,515,511

 

Unabsorbed depreciation carry forwards

 

 

 

 

54,438

 

 

 

21,688

 

 

 

 

 

 

76,126

 

Retirement benefits

 

 

 

 

56,603

 

 

 

15,746

 

 

 

 

 

 

72,349

 

Depreciation and amortization

 

 

 

 

50,918

 

 

 

58,381

 

 

 

 

 

 

109,299

 

Fair value changes on convertible notes

 

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

Others

 

 

 

 

5,965

 

 

 

238,171

 

 

 

 

 

 

244,136

 

Less: valuation allowance

 

 

 

 

(8,565,895

)

 

 

(17,429,473

)

 

 

 

 

 

(25,995,368

)

Deferred tax liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangibles on account of business combination

 

 

-

 

 

 

(263,665

)

 

 

 

 

 

(263,665

)

Gain on convertible notes

 

 

 

 

-

 

 

 

608,233

 

 

 

-608,233.00

 

 

 

-

 

Currency translation

 

 

 

 

 

 

 

(193,121

)

 

 

193,121

 

 

 

 

Acquisitions

 

 

 

 

-

 

 

 

(48,330

)

 

 

48,330

 

 

 

-

 

 

 

 

 

 

82,345

 

 

 

42,825

 

 

 

(366,782

)

 

 

(241,612

)