Company: ZCARW
Filing Date: 2025-05-12
Form Type: S-1/A
Source: 0001213900-25-041769
Chunk: 374

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-12
Form: S-1/A
Chunk 374
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 Company received an order for
fiscal year 2015-16 in relation to non deduction of tax deducted at source withholding taxes on certain payments to resident payees/service
providers amounting to $ (March 31, 2023: $) including interest of $ (March 31, 2023: $). Penalty of $
has been claimed but the proceedings are kept under abeyance until the above order is disposed off.

The Company has received an order for disallowance of lease payment,
interest and prior period expense for the fiscal year 2015-16 amounting to $ (March 31, 2023: $) and for fiscal year
2017-18 amounting to $ (March 31, 2023: $) for disallowance of lease payment and PF contribution.

The Company has filed appeals against the above orders before higher authority.

The Company has not recognized any uncertain tax position for the year ended March 31, 2024 and March 31, 2023, respectively. The Company believes these orders are unlikely to be sustained at the higher appellate authorities.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred income tax assets and liabilities as of March 31, 2024 and 2023 consisted of the following

|                                        | Year  
 ended |   |       March 
         31, 
        2024 |   |     |   |       March 
    31, 2023 |   |
|:---------------------------------------|:------|:--|------------:|:--|:----|:--|------------:|:--|
| Deferred tax assets:                   |       |   |             |   |     |   |             |   |
| Net operating                          
 loss carryforwards                     |       |   |  44,873,459 |   |     |   |  35,315,394 |   |
| Lease                                  
 liability                              |       |   |     149,905 |   |     |   |     431,669 |   |
| Total                                  
 deferred tax assets                    |       |   |  45,023,364 |   |     |   |  35,747,063 |   |
| Less:                                  
 Valuation allowance                    |       |   | (43,709,941 | ) |     |   |