Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 119

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 119
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3

12.
Income Taxes

Cayman
Islands

Under
the current and applicable laws of the Cayman Islands, the Company and Top Solar are not subject to tax on income or capital gain. Additionally,
upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.

British
Virgin Islands

Under
the current and applicable laws of BVI, the Company’s BVI subsidiaries are not subject to tax on income or capital gains.

Hong
Kong

ZYSL,
ZYCL and Winrich are incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory
financial statements adjusted in accordance with relevant Hong Kong tax laws. For the Years Ended March 31, 2025, 2024 and 2023, Hong
Kong profits tax is calculated in accordance with the two-tiered profits tax rates regime. The applicable tax rate for the first HKD 2 8.25 2 16.5 16.5

Singapore

Top
Fin and Top AM are incorporated in Singapore and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory
financial statements adjusted in accordance with relevant Singapore tax laws. Top Fin and Top AM are subject to a flat rate of 17

Australia

Top
500 is incorporated in Australia and is subject to Australia Corporate Tax on the taxable income as reported in its statutory financial
statements adjusted in accordance with relevant Australian tax laws. Top 500 is subject to a reduced rate of 25

The
current and deferred portions of the income tax benefits (expense) included in the consolidated statements of operations and comprehensive
income (loss) as determined in accordance with FASB ASC 740 are as follows:

                          For                                                                                     
                          the Years Ended March 31,                                                               
                          2025                                          2024                  2023                
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Current income          $                              ( 146,104      $         63,692      $         ( 31,520  
  Deferred                                               -                        -                               
                          $                              ( 146,104      $         63,692      $         ( 31,520  

F-28

TOP
Financial Group Limited

Notes
to Consolidated Financial Statements

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

12.
Income Taxes (Continued)