INCOME TAXES

6 Months Ended

Sep. 30, 2024

NOTE 6-INCOME TAXES

At September 30, 2024, the Company had a net operating loss carryforward of $1,323,561, which begins to expire in fiscal year ending March 31, 2035. Components of net deferred tax asset, including a valuation allowance, are as follows for September 30, 2024 and March 31, 2024:

SCHEDULE OF DEFERRED TAX ASSET

Deferred tax asset:	September 30, 2024			March 31, 2024

Net operating loss carryforward	$	277,945		$	341,045
Total deferred tax asset		277,945			341,045
Less: Valuation allowance		(277,945	)		(341,045	)
Net deferred tax asset	$	-		$	-

Valuation allowance for deferred tax asset as of September 30, 2024 and March 31, 2024 was $277,945 and $341,045, respectively. In assessing the recovery of the deferred tax asset, management considers whether it is more likely than not that some or all of the deferred tax asset will not be realized. The realization of the deferred tax asset is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not that our deferred tax asset will not be realized and recorded a 100% valuation allowance for the period.

Reconciliation between statutory rate and the effective tax rate for the three-month and six-month periods ended September 30, 2024 and September 30, 2023:


Federal statutory rate	(21.0	)%	(21.0	)%
State taxes, net of federal benefit	(0.00	)%	(0.00	)%
Change in valuation allowance	21.0	%	21.0	%
Effective tax rate	0.0	%	0.0	%

On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted by the U.S. government which included a wide range of tax reform affecting businesses including the corporate tax rates, international tax provisions, tax credits and deduction with the majority of tax provision effective after December 31, 2017.

The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits. The federal income tax returns of the Company are subject to examination by the IRS generally for three years after filing with the service.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

GPODS, INC. 10-Q