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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2024

Income Taxes [Abstract]

Schedule of Current and Deferred Portions of the Income Tax Expenses (Benefits)

The current and deferred portions of the income tax expenses (income) included in the consolidated statements of operations and comprehensive loss as determined in accordance with ASC 740 are as follows:

		For the Years Ended March 31,
		2024				2023				2022
Current taxes		$	15,856			$	-			$	-
Deferred taxes			(2,497	)			(524	)			792
Income tax expenses (income)		$	13,359			$	(524	)		$	792

Schedule of Expected Income Tax Expense (Benefits)

A reconciliation of the difference between the expected income tax expense (benefits) computed at Hong Kong profits tax rate of 16.5% and the Group’s reported income tax benefits is shown in the following table:

		For the Years Ended March 31,
		2024				2023				2022
Loss before income taxes		$	(4,576,119	)		$	(207,693	)		$	(510,113	)
Applicable income tax rate			16.5	%			16.5	%			16.5	%
Income tax benefits at applicable income tax rate		$	(755,060	)		$	(34,270	)		$	(84,169	)
Non-deductible expenses(1)			642,533				79,652				451
Income not subject to tax			(40	)			(22	)			(2	)
Tax effect of two-tiered profits tax rates			(62,480	)			(22,680	)			41,860
Under-provision in previous years			26,762				-				-
Change in valuation allowance			161,644				(23,204	)			42,652
Income tax expenses (income)		$	13,359			$	(524	)		$	792

(1) Non-deductible expenses for the year ended March 31, 2024 mainly represented expenses incurred by the Company and IWHL, while non-deductible expense for the years ended March 31, 2023 and 2022 mainly represented expenses incurred by IWHL. Since the Company and IWHL are holding companies with no operations, these expenses were not allowed to be carried forward and set off profits in subsequent periods according to Hong Kong tax laws.

Schedule of Deferred Tax Assets and Liabilities

Components of the Group’s deferred tax assets and liabilities are as follows:

		As of March 31,
		2024				2023
Deferred tax assets:
Allowance for credit loss		$	1,265			$	-
Net operating loss carry forwards			214,543				52,750
Depreciation and amortization			1,395				163
Less: valuation allowances			(214,543	)			(52,750	)
Total deferred tax assets, net		$	2,660			$	163

Schedule of Valuation Allowance Against Deferred Tax Assets

Movement of the Group’s valuation allowance against deferred tax assets is as follows:

		2024				2023
Balance at April 1		$	52,750			$	73,777
Increase recognized in the income statement			161,644				(23,204	)
Exchange difference			149				2,177
Balance at March 31		$	214,543			$	52,750

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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.

+ 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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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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-Topic 740
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-Section 50
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