Company: NTWK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010127
Chunk: 116

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 116
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17– INCOME TAXES

The
current tax provision is based on taxable income for the year determined in accordance with the prevailing law for taxation of income.
The charge for tax on income is calculated at the current rates of taxation as applicable after considering tax credit and tax rebates
available, if any. We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Our effective tax rate will depend
on the portion of our profits earned within and outside the United States.

During
the three and nine months ended March 31, 2025, the Company recorded an income tax provision of $151,334 and $712,765, respectively.
During the three and nine months ended March 31, 2024, the Company recorded an income tax provision of $146,569 and $418,517, respectively.

NOTE
18– SUBSEQUENT EVENTS 

The
Company’s subsidiary OTOZ Inc. has been merged with NTA effective April 1, 2025. The merger has no financial impact on the consolidated
financial statements.

Page 32

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The
following discussion is intended to assist in an understanding of the Company’s financial position and results of operations for
the three months ended March 31, 2025. The following discussion should be read in conjunction with the information included within our
Annual Report on Form 10-K for the year ended June 30, 2024, and the Condensed Consolidated Financial Statements and notes thereto included
elsewhere in this Quarterly Report on Form 10-Q.

Our
website is located at https://netsoltech.com/, and our investor relations website is located at https://ir.netsoltech.com.
The following filings are available through our investor relations website after we file with the SEC: Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q, and our Proxy Statements for our annual meetings of stockholders. These filings are also available
for download free of charge on our investor relations website. We also provide a link to the section of the SEC’s website at www.sec.gov
that has all of our public filings, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form
8-K, all amendments to those reports, our Proxy Statements and other ownership related filings. Further, a copy of this Quarterly
Report on Form 10-Q is located at the SEC’s