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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of the income tax expense (benefit) are as follows:

Schedule of Components of Income Tax Expense (Benefit) 

		2024				2023				2022
		For the years ended March 31,
		2024				2023				2022
		USD				USD
Current
Cayman Islands			-				-				-
British Virgin Islands			-				-				-
Hong Kong			649,119				469,692				318,090
Current			649,119				469,692				318,090
Deferred
Cayman Islands			-				-				-
British Virgin Islands			-				-				-
Hong Kong			(183	)			(803	)			(994	)
Deferred			(183	)			(803	)			(994	)
Total			648,936				468,889				317,096

Schedule of Deferred Tax Asset And Liability

Schedule of Deferred Tax Asset And Liability 

		2024				2023
		As of March 31,
		2024				2023
		USD				USD
MSE:
Provision for allowance of credit losses			150				2,256
Net operating loss carryforward			281,951				192,953
Total deferred tax assets			282,101				195,209
Less: valuation allowance			(281,951	)			(192,953	)
Deferred tax assets, net			150				2,256
MSHK:
Property and equipment			(9,038	)			(530	)
Right-of-use assets – finance lease			(18,490	)			(22,218	)
Total deferred tax liabilities – equipment and right-of-use assets – finance lease			(27,528	)			(22,748	)
Deferred tax assets - provision for allowance of credit losses			26,650				19,581
Deferred tax liabilities, net			(878	)			(3,167	)
Deferred tax assets (liabilities), net			(728	)			(911	)

Schedule of Income Tax Expense Reconciliation

Schedule of Income Tax Expense Reconciliation 

		2024				2023				2022
		For the years ended March 31,
		2024				2023				2022
		USD				USD				USD
Profit before income taxes			2,975,533				3,256,125				2,120,605
Hong Kong Profits Tax rate			16.5	%			16.5	%			16.5	%
Income taxes computed at Hong Kong Profits Tax rate			490,963				537,260				349,900
Reconciling items:
Tax effect of income that is not taxable*			(25	)			(127,476	)			(12,088	)
Tax effect of non-deductible expenditure			90,539				-				-
Change in valuation allowance			88,998				81,028				1,720
Effect of two-tier tax rate			(21,154	)			(21,154	)			(21,154	)
Statutory tax deduction#			(385	)			(769	)			(1,282	)
Income tax expense			648,936				468,889				317,096

*	Income that is not taxable mainly consisted of the government subsidies which are non-taxable under Hong Kong income tax law.
#	It represents a reduction granted by the Hong Kong SAR Government of 100% of the tax payable subject to a maximum reduction of HK$3,000 (2023: HK$6,000) (2022: HK$10,000) for each business.

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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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- 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://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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- 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://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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-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

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-SubTopic 10
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-Section 50
-Paragraph 12
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