DEFERRED TAX (LIABILITIES)/ASSETS (Tables)

12 Months Ended

Mar. 31, 2022

Schedule of deferred tax assets and liabilities

As of March 31, 2022 and 2021, deferred tax assets and liabilities of the Company were comprised of the following:


	March 31, 2022		March 31, 2021
	(recast)		(recast)
Deferred tax assets:
Revaluation on trading securities	$	—	$	—
Tax losses carryforward	679		316
Accrued liabilities	776		109
Depreciation	—		16
Stock compensation expenses	—		—
Valuation allowance	—		(316)
Deferred tax assets	$	1,455	$	125

Deferred tax liabilities:
Revaluation on trading securities	$	210	$	2,041
Fixed and Intangible Assets	—		1,568
Subordinated debt	—		523
Other liabilities	388		—
Deferred tax liabilities	$	598	$	4,132

Net deferred tax (liabilities)/assets	$	857	$	(4,007)

Schedule of federal income taxes

The Company is subject to the U.S. federal income taxes at a rate of 21%. The reconciliation of the provision for income taxes at the 21% tax rate compared to the Company's income tax expense as reported is as follows:


	Year ended March 31, 2022		Year ended March 31, 2021		Year ended March 31, 2020
	(recast)		(recast)		(recast)

Profit before tax at 21%	$	74,359	$	30,346	$	6,109
Global intangible low taxed income	31,194		18,451		4,803
Stock based compensation	3,090		348		551
Losses carried forward adjustment	—		—		—
Other differences	—		—		20
Provision for impairment losses	(75)		128		(245)
Valuation allowance	(316)		(361)		416
Non-taxable interest income	(659)		—		—
Permanent differences	(5,165)		(2,209)		(605)
Foreign tax credit	(16,200)		(10,155)		(3,503)
Foreign tax rate differential	(18,448)		(9,418)		(2,884)
Nontaxable gains	(29,251)		(3,768)		271
Income tax provision	$	38,529	$	23,362	$	4,933

Schedule of income tax expenses

As of March 31, 2022 and 2021, income tax expense was comprised of the following:


	Year ended March 31, 2022		Year ended March 31, 2021		Year ended March 31, 2020
	(recast)		(recast)		(recast)
Current income tax charge	$	42,525	$	21,811	$	4,753
Deferred income tax charge	(3,996)		1,551		180
Income tax provision	$	38,529	$	23,362	$	4,933