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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Income Taxes [Abstract]

Schedule of Components of Income Tax

The components of the income tax provision were as follows:

		For the fiscal years ended June 30,
		2024				2023				2022
Current income tax provision		$	124,419			$	218,962			$	1,205,276
Deferred income tax expense(benefit)			-				455,602				(334,045	)
Total		$	124,419			$	674,564			$	871,231

Schedule of Reconciles the Statutory Rate to the Company’s Effective Tax Rate

The following table reconciles the statutory rate to the Company’s effective tax rate for the fiscal years ended June 30, 2024, 2023, and 2022:

		For the fiscal years ended June 30,
		2024				2023				2022
China Statutory income tax rate			25.00	%			25.00	%			25.00	%
Temporary difference			0.00	%			(4.76	)%			21.04	%
Permanent difference			5.01	%			(0.01	)%			1.03	%
Effect of different tax jurisdiction			(12.55	)%			(10.10	)%			8.81	%
Effect of favorable tax rates on small-scale and low-profit entities			(1.20	)%			0.41	%			-	%
Change in valuation allowance			(17.26	)%			(13.28	)%			-	%
Effective tax rate			(1.00	)%			(2.74	)%			55.88	%

Schedule of Deferred Tax Asset

The tax effect of temporary difference under ASC 740 “Accounting for Income Taxes” that gives rise to deferred tax asset as of June 30, 2024 and 2023 was as follows:

		As of June 30,
		2024				2023
Deferred tax assets:
Net operating loss carry forwards		$	2,913,175			$	3,266,711
Allowance for credit loss			3,219,545				1,092,957
Total deferred tax assets			6,132,720				4,359,668
Valuation allowance			(6,132,720	)			(4,359,668	)
Total deferred tax assets, net		$	-			$	-

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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