Company: NTWK
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001493152-25-015950
Chunk: 218

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1
Chunk 218
---
 F-30

NETSOL
TECHNOLOGIES, INC.

Notes
to Consolidated Financial Statements

June
30, 2025 and 2024

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

 SCHEDULE OF COMPONENTS OF PROVISION FOR INCOME TAXES

    2025  
    2024 

    Years
    Ended June 30, 

    2025  
    2024 
  
    Current: 

    Federal 
    $-  
    $- 
  
    State
    and Local 
     1,600  
     1,600 
  
    Foreign 
     1,411,601  
     1,143,918 

    Deferred: 

    Federal 
     -  
     - 
  
    State
    and Local 
     -  
     - 
  
    Foreign 
     63,137  
     - 
  
    Provision
    for income taxes 
    $1,476,338  
    $1,145,518 

A
reconciliation of taxes computed at the statutory federal income tax rate to income tax expense (benefit) is as follows:

 SCHEDULE OF RECONCILIATION OF TAXES AT STATUTORY FEDERAL INCOME TAX RATE INCOME TAX EXPENSE BENEFITS

    Years
    Ended June 30,  

    2025  
       
    2024  

    Income
    tax (benefit) provision at statutory rate 
    $1,269,924  
     21.0% 
    $676,924  
     21.0%
  
    State
    income (benefit) taxes, net of federal tax benefit 
     422,099  
     7.0% 
     224,997  
     7.0%
  
    Foreign
    earnings taxed at different rates 
     90,483  
     1.5% 
     (238,995) 
     -7.4%
  
    Change
    in valuation allowance for deferred tax assets 
     (179,699) 
     -3.0% 
     351,633  
     10.9%
  
    Other 
     (126,469) 
     -2.1% 
     130