Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 120

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 120
---
A
reconciliation of the difference between the expected income tax expense or benefit computed at applicable statutory income tax rates
and the Company’s income tax expense is shown in the following table:

                                                                   For the Years Ended March 31,                                                                   
                                                                   2025                                              2024                     2023                 
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Income tax benefits (expenses) at applicable statutory rate      $                                    960,836      $         ( 162,995      $         ( 565,828  
  Income not subject to tax (2)                                                                       ( 712,770                   89,264                  421,297  
  Income tax of other jurisdictions (3)                                                                  29,142                        -                       30  
  Nontaxable offshore profit                                                                                  -                  136,655                  113,777  
  Benefit on tax concession (note (1))                                                                      192                      767                      765  
  Changes in valuation allowance                                                                      ( 423,504                        -                  ( 1,561  
                                                                   $                                  ( 146,104      $            63,692      $          ( 31,520  

  (1)      The provision for Hong Kong Profits Tax for 2025 is calculated at 16.5% (2024 and 2023: 16.5%) of the estimated assessable profits for the year, taking into account a reduction granted by the H...  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  (2)      The Company also has entities domiciled in the British Virgin Islands, but such entities are not subject to income or capital gains taxes.  

  (3)      Top Fin and Top AM were established in Singapore, which are subject to income tax rate of 17%, and Top 500 was established in Australia, which is subject to income rate of 25%.  

F-29

TOP
Financial Group Limited

Notes
to Consolidated Financial Statements

For
the Years Ended March 31, 2025, 2024 and 2023

13.
Related Party Transaction and Balance

a.
Nature of relationships with related parties

  Name                                 Relationship with the Company                                                                                                                                         
  Mr. Huaixi Yang                      Immediate family member of Ms. Junli Yang, the Chairwoman of the Board.                                                                                               
  PRO800