Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 333

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 333
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 |                              | (20,752 | ) |     |   |       – |
|                            |     |                              | 893,015 |   |     |   | 955,401 |

<div align='center'>F-85

BAN LEONG TECHNOLOGIES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in Singapore dollars (“$”)</div>

| 18. | Taxation (continued) |

A reconciliation between income tax
expenses and the product of accounting profit multiplied by the applicable corporate rate for the years ended March 31, 2025 and 2024
is as follows:

|                                                                                  |     | For the year ended March 31, |      2025 |   |     |   |      2024 |   |
|:---------------------------------------------------------------------------------|:----|:-----------------------------|----------:|:--|:----|:--|----------:|:--|
|                                                                                  |     | $                            |           |   |     | $ |           |   |
| Net income before taxes                                                          |     |                              | 4,952,100 |   |     |   | 8,336,145 |   |
| Tax calculated at tax rate of 17% (2024: 17%)                                    |     |                              |   841,857 |   |     |   | 1,417,145 |   |
| Adjustments:                                                                     |     |                              |           |   |     |   |           |   |
| Non-deductible expenses                                                          |     |                              |    74,641 |   |     |   |    61,094 |   |
| Income not subject to tax                                                        |     |                              |   (80,232 | ) |     |   |  (551,682 | ) |
| Utilisation of previously unrecognised temporary differences                     |     |                              |   (23,713 | ) |     |   |   (60,842 | ) |
| Deferred tax assets not recognised                                               |     |                              |    51,087 |   |     |   |    18,304 |   |
| Effect of partial tax exemption and tax relief                                   |     |                              |   (17,425 | ) |     |   |   (42,197 | ) |
| Effect of different tax rates in other countries                                 |     |                              |    23,829 |   |     |   |    39,