Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 318

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 318
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 expected credit losses respectively (March 31, 2024 : $13,774).

| 7 | Balances                    
 with government authorities |

The components of balances with government authorities were as follows:

|                                  | (In USD) 
 As at    |   |   December 
        31, 
       2024 |   |     |   |      March 
        31, 
       2024 |   |
|:---------------------------------|:---------|:--|-----------:|:--|:----|:--|-----------:|:--|
| Current                          |          |   |            |   |     |   |            |   |
| Goods and service tax receivable |          | $ |  4,220,938 |   |     | $ |  4,277,019 |   |
| Less: Impairment*                |          |   | (3,748,841 | ) |     |   | (3,849,317 | ) |
|                                  |          | $ |    472,097 |   |     | $ |    427,702 |   |
| Non-current                      |          |   |            |   |     |   |            |   |
| Other tax receivables            |          | $ |      3,940 |   |     | $ |     18,126 |   |
|                                  |          | $ |      3,940 |   |     | $ |     18,126 |   |

| * | During                                                                                         
 the year ended March 31, 2024, the Company recorded an allowance for impairment of tax credits 
 for an amount of $3,849,317 for estimated losses resulting from substantial doubt about the    
 utilization of the tax credits. As of December 31, 2024 the impairment amounts to $3,748,841.  |

<div align='center'>F-24

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</div>

| 8 | Short            
 term investments |

The components of short term investments were as follows:

| (In                    
 USD)                   
 As at                  |     | December 
 31,      
 2024     |   |     | March 
 31,   
 2024  |         |
|:-----------------------|:----|:---------|:--|:----|:------|--------: