Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.24.1.1.u2
INCOME TAXES (Tables)
 12 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of deferred tax assets and liabilities
As of March 31, 2024 and March 31, 2023, deferred tax assets and liabilities of the Company were comprised of the following:
Year ended March 31, 2024
 Year ended March 31, 2023
Deferred tax assets:
Revaluation on trading securities $ 454  $ — 
Tax losses carryforward 3,809  1,548 
Accrued liabilities —  933 
Provision for impairment losses 8,210  2,079 
Deferred tax assets $ 12,473  $ 4,560 
Deferred tax liabilities:
Revaluation on trading securities $ 1,447  $ 29 
Fixed and Intangible Assets 7,535  2,457 
Other liabilities 335  326 
Deferred tax liabilities $ 9,317  $ 2,812 
Net deferred tax assets $ 3,222  $ 2,442 
Net deferred tax liabilities $ 66  $ 694 
Schedule of federal income taxes The reconciliation of the amount computed by multiplying income before provision for income taxes at the 21%income tax rate compared to the Company's income tax expense as reported is as follows:
  Year ended March 31, 2024 Year ended March 31, 2023 Year ended March 31, 2022
 
Income before income tax at 21% $ 91,428  $ 49,547  $ 76,376 
Global intangible low taxed income 60,323  39,139  31,194 
Permanent differences 58,872  14,096  (2,567)
Subpart F Income 6,887  4,732  — 
Stock based compensation 4,601  2,039  3,090 
Provision for impairment losses —  —  (13)
Valuation allowance —  —  (316)
Foreign tax rate differential (17,665) (13,089) (18,544)
Foreign tax credit (14,915) (18,423) (16,200)
Nontaxable gains (129,112) (35,265) (34,450)
Income tax expense $ 60,419  $ 42,776  $ 38,570 
Schedule of income tax expenses
As of March 31, 2024 and 2023, income tax expense was comprised of the following:
  Year ended March 31, 2024 Year ended March 31, 2023 Year ended March 31, 2022
Current income tax charge
Federal 34,623  22,387  15,184 
Foreign 24,573  21,406  27,381 
59,196  43,793  42,565 
Deferred income tax charge
Federal 3,695  (2,606) (2,191)
Foreign (2,472) 1,589  (1,804)
1,223  (1,017) (3,995)
Income tax expense $ 60,419  $ 42,776  $ 38,570 
Schedule of Income before Income Tax, Domestic and Foreign
Income before income taxes includes the following components:
  Year ended March 31, 2024 Year ended March 31, 2023 Year ended March 31, 2022
United States $ (66,053) $ (26,383) $ (8,012)
Foreign 501,424  262,321  371,705 
Net income before income tax $ 435,371  $ 235,938  $ 363,693