| SCHEDULE OF PROVISION FOR INCOME TAXES |
The
provision for income taxes consisted of the following:
SCHEDULE OF PROVISION FOR INCOME TAXES
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| | |
| | |
| |
| | |
Years ended March 31, | |
| | |
2024 | | |
2025 | | |
2026 | | |
2026 | |
| | |
HKD | | |
HKD | | |
HKD | | |
USD | |
| | |
| | |
| | |
| | |
| |
| Current tax | |
$ | - | | |
$ | 1,172 | | |
$ | - | | |
$ | - | |
| Deferred tax | |
| - | | |
| - | | |
| - | | |
| - | |
| | |
| | | |
| | | |
| | | |
| | |
| Income tax expense | |
$ | - | | |
$ | 1,172 | | |
$ | - | | |
$ | - | |
|
| SCHEDULE OF RECONCILIATION OF EFFECTIVE INCOME TAX RATE |
The
reconciliation of the differences between income tax expense computed at the Hong Kong income tax rate of 16.5% and the Company’s
income tax expense recorded for the years ended March 31, 2024, 2025 and 2026 are as follows:
SCHEDULE OF RECONCILIATION OF EFFECTIVE INCOME TAX RATE
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| | |
| |
| | |
Years ended March 31, | |
| | |
2024 | | |
2025 | | |
2026 | |
| | |
HKD | | |
% of Pre-tax income | | |
HKD | | |
% of Pre-tax income | | |
HKD | | |
USD | | |
% of Pre-tax income | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Tax at statutory tax rate | |
$ | (963,642 | ) | |
| 16.5 | % | |
$ | (4,582,368 | ) | |
| 16.5 | % | |
$ | (4,507,737 | ) | |
$ | (577,915 | ) | |
| 16.5 | % |
| Items not subject to taxes | |
| (10,398 | ) | |
| 0.2 | % | |
| (235,824 | ) | |
| 0.8 | % | |
| (108,130 | ) | |
| (13,863 | ) | |
| 0.4 | % |
| Items not deductible from tax | |
| 33,264 | | |
| (0.6 | )% | |
| 9,265 | | |
| (0.0 | )% | |
| 986,288 | | |
| 126,447 | | |
| (3.6 | )% |
| Temporary differences | |
| 4,997 | | |
| (0.0 | )% | |
| 2,750 | | |
| (0.0 | )% | |
| 2,842 | | |
| 364 | | |
| (0.0 | )% |
| Tax loss utilized | |
| - | | |
| - | % | |
| - | | |
| - | % | |
| (23,901 | ) | |
| (3,064 | ) | |
| 0.1 | % |
| Valuation allowance | |
| 587,023 | | |
| (10.1 | )% | |
| 2,635,004 | | |
| (9.5 | )% | |
| 3,225,791 | | |
| 413,563 | | |
| (11.8 | )% |
| Income tax rate differential(i) | |
| 348,756 | | |
| (6.0 | )% | |
| 2,171,173 | | |
| (7.8 | )% | |
| 424,847 | | |
| 54,468 | | |
| (1.6 | )% |
| Under-provision from prior years | |
| - | | |
| - | % | |
| 1,172 | | |
| 0.0 | % | |
| - | | |
| - | | |
| - | % |
| Income tax expense and effective tax rate | |
$ | - | | |
| 0.0 | % | |
$ | 1,172 | | |
| 0.0 | % | |
$ | - | | |
$ | - | | |
| 0.0 | % |
| (i) | Represents the
foreign income tax rate differential when compared to Hong Kong income tax rate for the years ended March 31, 2024, 2025 and 2026. |
|
| SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS |
The
following table sets forth the significant components of the deferred tax assets of the Company as of March 31, 2025 and 2026:
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS
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| | |
As of March 31, | |
| | |
2025 | | |
2026 | | |
2026 | |
| | |
HKD | | |
HKD | | |
USD | |
| Deferred tax assets: | |
| | | |
| | | |
| | |
| Net operating loss carryforwards from: | |
| | | |
| | | |
| | |
| Hong Kong | |
$ | 3,798,573 | | |
$ | 5,788,708 | | |
$ | 742,142 | |
| Singapore | |
| 212,305 | | |
| 188,403 | | |
| 24,154 | |
| Net operating loss carryforwards | |
| 212,305 | | |
| 188,403 | | |
| 24,154 | |
| Less: valuation allowance | |
| (4,010,878 | ) | |
| (5,977,111 | ) | |
| (766,296 | ) |
| | |
| | | |
| | | |
| | |
| Deferred tax assets | |
$ | - | | |
$ | - | | |
$ | - | |
|