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Income Taxes (Tables)
12 Months Ended
Mar. 31, 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 year ended March 31, 2024 and March 31, 2023 were as follows:

 

Particulars

 

 

 

 

 

 

 

For the year ended
March 31, 2024

 

 

For the year ended March 31, 2023

 

Domestic

 

 

 

 

 

 

 

 

(93,127,552

)

 

 

(8,917,510

)

Foreign

 

 

 

 

 

 

 

 

(6,755,174

)

 

 

(5,325,906

)

Total

 

 

 

 

 

 

 

 

(99,882,726

)

 

 

(14,243,416

)

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes for the year ended March 31, 2024 and March 31, 2023 were as follows:

 

Particulars

 

 

 

 

 

 

 

For the year ended
March 31, 2024

 

 

For the year ended March 31, 2023

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

 

 

 

 

 

 

 

 

 

 

Foreign

 

 

 

 

 

 

 

 

19,177

 

 

 

86,420

 

 

 

 

 

 

 

 

 

19,177

 

 

 

86,420

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

 

 

 

 

 

 

 

 

 

 

Foreign

 

 

 

 

 

 

 

 

(42,825

)

 

 

(128,685

)

 

 

 

 

 

 

 

 

(42,825

)

 

 

(128,685

)

 

 

 

 

 

 

 

 

 

 

 

 

Total provision for income taxes

 

 

 

 

 

 

 

 

(23,648

)

 

 

(42,265

)

Schedule of Reconciliation of Statutory Federal Income Tax Rate

 

Particulars

 

 

 

 

 

 

 

For the year ended
March 31, 2024

 

 

For the year ended March 31, 2023

 

Federal statutory income tax rate

 

 

 

 

 

 

 

 

21.00

%

 

 

21.00

%

Non deductible expenses

 

 

 

 

 

 

 

 

(3.70

%)

 

 

(4.08

%)

Valuation allowance

 

 

 

 

 

 

 

 

(17.45

%)

 

 

(17.65

%)

Foreign rate differential

 

 

 

 

 

 

 

 

0.21

%

 

 

1.24

%

Share warrants

 

 

 

 

 

 

 

 

0.00

%

 

 

(0.05

%)

Other

 

 

 

 

 

 

 

 

(0.04

%)

 

 

(0.17

%)

Total provision for income taxes

 

 

 

 

 

 

 

 

0.02

%

 

 

0.30

%

Schedule of Net Deferred Tax Assets

The components of the Company’s net deferred tax assets as of the year ended March 31, 2024 and year ended March 31, 2023 were as follows:

 

Particulars

 

 

 

 

 

 

 

As of
March 31,
2024

 

 

As of
March 31,
2023

 

Deferred tax assets:

 

 

 

 

 

 

 

 

 

 

 

 

Net operating loss carry forwards

 

 

 

 

 

 

 

 

25,515,511

 

 

 

8,480,316

 

Unabsorbed depreciation carry forwards

 

 

 

 

 

 

 

 

76,126

 

 

 

54,438

 

Retirement benefits

 

 

 

 

 

 

 

 

72,349

 

 

 

56,603

 

Depreciation and amortization

 

 

 

 

 

 

 

 

109,299

 

 

 

50,918

 

Others

 

 

 

 

 

 

 

 

244,136

 

 

 

5,965

 

Total deferred tax assets

 

 

 

 

 

 

 

 

26,017,421

 

 

 

8,648,240

 

Less: valuation allowance

 

 

 

 

 

 

 

 

(25,995,368

)

 

 

(8,565,895

)

Deferred tax assets, net of valuation allowance

 

 

 

 

 

 

 

 

22,053

 

 

 

82,345

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Intangibles on account of business combination

 

 

 

 

 

 

 

 

(263,665

)

 

 

 

Net deferred tax assets/ (liabilities)

 

 

 

 

 

 

 

 

(241,612

)

 

 

82,345

 

Schedule of Movement in Net Deferred Tax Assets

Movement recognized in net deferred tax assets:

 

 

 

 

 

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

)

Acquisitions

 

 

 

 

 

 

 

608,233

 

 

 

(608,233

)

 

 

 

Deconsolidation

 

 

 

 

 

 

 

(193,121

)

 

 

193,121

 

 

 

 

Currency translation

 

 

 

 

 

 

 

(48,330

)

 

 

48,330

 

 

 

 

Net deferred tax assets/ (liabilities)

 

 

 

 

82,345

 

 

 

42,825

 

 

 

(366,782

)

 

 

(241,612

)

 

Particulars

 

 

 

As of
March 31,
2022

 

 

Recognized/
reversed
through
statements
of operations

 

 

Impact of
currency
translation
and acquisitions

 

 

As of
March 31,
2023

 

Deferred tax assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating loss carry forwards

 

 

 

 

5,742,033

 

 

 

2,738,283

 

 

 

 

 

 

8,480,316

 

Unabsorbed depreciation carry forwards

 

 

 

 

9,174

 

 

 

45,264

 

 

 

 

 

 

54,438

 

Retirement benefits

 

 

 

 

53,656

 

 

 

2,947

 

 

 

 

 

 

56,603

 

Depreciation and amortization

 

 

 

 

25,232

 

 

 

25,686

 

 

 

 

 

 

50,918

 

Fair value changes on convertible notes

 

 

 

 

3,967

 

 

 

(3,967

)

 

 

 

 

 

 

Others

 

 

 

 

288,348

 

 

 

(282,383

)

 

 

 

 

 

5,965

 

Less: valuation allowance

 

 

 

 

(6,052,307

)

 

 

(2,513,588

)

 

 

 

 

 

(8,565,895

)

Deferred tax liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangibles on account of business combination

 

 

(117,729

)

 

 

117,729

 

 

 

 

 

 

 

Currency translation

 

 

 

 

 

 

 

(1,286

)

 

 

1,286

 

 

 

 

 

 

 

 

 

(47,626

)

 

 

128,685

 

 

 

1,286

 

 

 

82,345