Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 158

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 158
---
 |                    |       7.9 | %  |     |   |       9.5 | %  |
| City income tax rate, net of federal income tax benefit  |     |                    |       5.0 | %  |     |   |       6.9 | %  |
| Foreign statutory rate                                   |     |                    |         - |    |     |   |         - |    |
| Permanent differences                                    |     |                    |       5.2 | %  |     |   |       1.6 | %  |
| Return to project adjustment                             |     |                    |      (0.8 | )% |     |   |      (1.6 | )% |
| Total                                                    |     |                    |      38.3 | %  |     |   |      37.4 | %  |

F-25

Penalties and interest incurred related to underpayment
of income tax are classified as income tax expenses in the period incurred. For the years ended March 31, 2024, the Company accrued $
in income tax related penalty included in taxes payable in the consolidated balance sheets.

United States

Income tax expense for the year ended March 31,
2024 and 2023 amounted to $ million and $ million, respectively.

Significant components of the provision for income
taxes are as follows:

|          |     | For the Year Ended 
 March 31,          |      2024 |     |   |    2023 |
|:---------|:----|:-------------------|----------:|:----|:--|--------:|
| Current  |     |                    |           |     |   |         |
| Federal  |     | $                  |   474,445 |     | $ | 210,924 |
| State    |     |                    |   297,885 |     |   | 107,325 |
| City     |     |                    |   234,510 |     |   |  54,847 |
| Deferred |     |                    |           |     |   |         |
| Federal  |     |                    |   158,300 |     |   | 236,200 |
| State    |     |                    |    36,300 |     |   | 115,700 |
| City     |     |                    |    21,500 |     |   |  96,900 |