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DEFERRED TAX LIABILITIES ASSETS (Tables) | 12 Months Ended
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Mar. 31, 2021
DEFERRED TAX LIABILITIES ASSETS (Tables) |
Schedule of Deferred tax assets and liabilities |
|  | March 31, 2021 |  |  | March 31, 2020 |
Deferred tax assets: |  |  |  |  |  |
Tax losses carryforward |  | $ | 316 |  |  | $ | 1,691 |
Accrued liabilities |  |  | 236 |  |  |  | 7 |
Depreciation |  |  | 16 |  |  |  | - |
Revaluation on trading securities |  |  | - |  |  |  | 72 |
Stock compensation expenses |  |  | - |  |  |  | 4 |
Valuation allowance |  |  | (316 | ) |  |  | (677 | )
Deferred tax assets |  | $ | 252 |  |  | $ | 1,097 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Revaluation on trading securities |  | $ | 2,546 |  |  | $ | 513 |
Fixed and Intangible Assets |  |  | 1,568 |  |  |  | - |
Subordinated debt |  |  | 523 |  |  |  | - |
Other liabilities |  |  | - |  |  |  | 14 |
Deferred tax liabilities |  | $ | 4,637 |  |  | $ | 527 |
Net deferred tax (liabilities)/assets |  | $ | (4,385 | ) |  | $ | 570 |
Schedule of income tax rate |
|  | Year ended March 31, 2021 |  |  | Year ended March 31, 2020 |
Profit before tax at 21% |  | $ | 36,335 |  |  | $ | 5,908 |
Global intangible low taxed income |  |  | 18,451 |  |  |  | 4,803 |
Stock based compensation |  |  | 348 |  |  |  | 551 |
Provision for impairment losses |  |  | 187 |  |  |  | (295 | )
Permanent differences |  |  | 24 |  |  |  | 793 |
Valuation allowance |  |  | (361 | ) |  |  | 416 |
Nontaxable gains |  |  | (4,244 | ) |  |  | 401 |
Foreign tax credit |  |  | (10,155 | ) |  |  | (3,503 | )
Foreign tax rate differential |  |  | (10,487 | ) |  |  | (2,938 | )
Losses carried forward adjustment |  |  | - |  |  |  | (154 | )
Other differences |  |  | - |  |  |  | 20 |
Income tax provision |  | $ | 30,098 |  |  | $ | 6,002 |
Schedle of income tax provision |
|  | Year ended March 31, 2021 |  |  | Year ended March 31, 2020 |
Current income tax charge |  | $ | 27,386 |  |  | $ | 5,307 |
Deferred income tax charge |  |  | 2,712 |  |  |  | 695 |
Income tax provision |  | $ | 30,098 |  |  | $ | 6,002 |

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- Definition Tabular disclosure of the federal tax basis of investment holdings. This item captures the aggregate cost of securities, aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost, aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value, net unrealized appreciation (depreciation), and an explanation of the differences between tax and book. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 4 -Subparagraph (SX 210.12-12C) -URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611225-123010 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13) -URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611282-123010 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12) -URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611133-123010 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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