v3.26.1
Income Tax
 6 Months Ended
Jun. 30, 2026
Income Tax [Abstract]  
INCOME TAX

NOTE 16 – INCOME TAX

 

The effective tax rate for the three months ended June 30, 2026 was (23.43%), compared to 364.53% for the three months ended June 30, 2025. The Company recorded income tax expense of $505,276 and $353,729 for the three months ended June 30, 2026 and 2025, respectively. The increase in income tax expense during the current period was primarily attributable to higher taxable income generated by the Company’s Indian operations. Income tax expense recognized in the corresponding prior-year period was lower due to comparatively lower taxable profits generated by the Indian operations.

 

The effective tax rate for the six months ended June 30, 2026 was (11.75%), compared to (6.33%) for the six months ended June 30, 2025. The Company recorded income tax expense of $656,628 and $353,729 for the six months ended June 30, 2026 and 2025, respectively. The increase in income tax expense during the current period was primarily attributable to higher taxable income generated by the Company’s Indian operations. Income tax expense recognized in the corresponding prior-year period was lower due to comparatively lower taxable profits generated by the Indian operations.

 

Deferred income tax benefit is recognized in OCI as follows:

 

    For the Three months ended     For the Six months ended  
    June 30,
2026		     June 30,
2025		     June 30,
2026		     June 30,
2025		  
Particulars                        
Domestic                        
Federal   $ -     $ -     $ -     $ -  
State     -       -       -       -  
Foreign                                
India                                
Retirement benefits     6,456       5,772       5,253       5,772  
Total   $ 6,456     $ 5,772     $ 5,253     $ 5,772