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Taxation (Tables)

6 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Current and Deferred Portions of Income Tax Expense

The current and deferred portions of income tax expense included in the consolidated statements of income were as follows:

Schedule of Current and Deferred Portions of Income Tax Expense 

		2024				2023
		For the six months ended September 30,
		2024				2023
Current		$	—			$	—
Deferred			—				(3,988	)
Income tax expense		$	—			$	(3,988	)

Schedule of Reconciliation Between Statutory Income Tax and Effective Tax

The following table sets forth reconciliation between the statutory EIT rate of 25% and the effective tax for the six months ended September 30, 2024 and 2023, respectively:

Schedule of Reconciliation Between Statutory Income Tax and Effective Tax 

		2024				2023
		For the six months ended September 30,
		2024				2023
Income before income taxes		$	(2,936,434	)		$	(370,961	)
Tax rate			25	%			25	%
Provision for income taxes at statutory tax rate		$	(734,108	)		$	(92,740	)
Effect of tax exempt entity			212,528				164,743
Effect of non-tax deductible expenses			409				23
Effect of tax loss not recognized			355,721				158,607
Effect of investment income not recognized			(291,747	)			(232,990	)
Effect of impairment not recognized			457,197				(1,631	)
Income tax expense		$	—			$	(3,988	)
Deferred tax assets/liability
Deferred tax assets		$	5,004,640			$	3,490,495
Valuation allowance			(5,004,640	)			(3,490,495	)
Deferred tax assets, net			—				—
Deferred tax liability			—				(23,074	)
Total			—				(23,074	)

Schedule of Taxes Payable

Taxes payable consisted of the following:

Schedule of Taxes Payable 

		September 30, 2024				March 31, 2024
		As of
		September 30, 2024				March 31, 2024
Income tax payable		$	188,613			$	189,588
VAT payable			5,456				4,971
Total		$	194,069			$	194,559

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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 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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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