Company: ZCARW
Filing Date: 2025-05-12
Form Type: S-1/A
Source: 0001213900-25-041769
Chunk: 373

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-12
Form: S-1/A
Chunk 373
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| Income                                                                      
 tax expense reported in the Statement of profit and loss/Effective Tax Rate |     |   |           - |   |     |   |           - |   |

Zoomcar Holdings, Inc. has unused tax losses amounting to $ 43,561,639and $ 6,692,473as at March 31, 2024 and March 31, 2023. $ 42,746,513can be carried forward indefinitely, whereas $ 64,347can be carried forward upto 2033; $ 294,720upto 2034; $ 220,520upto 2035; $ 115,253upto 2036 and $ 120,286upto 2037.

The Company’s operations are primarily based out of Indian jurisdiction. There are unused tax losses amounting to $ 138,314,491and $ 126,274,947as at March 31, 2024 and March 31, 2023, respectively in the Indian subsidiary. The tax benefit for these losses, if not utilized, will expire on various dates starting from financial year 2024 to 2031. Additionally, net operating losses amounting to $ 39,298,484(March 31, 2023: $ 39,079,569) is available for set-off against future income without any expiration date. Under the Indian jurisdiction, a period of eight financial years remain open to assessment by tax authorities.

The Company has created valuation allowance on the deferred tax asset resulting from such losses due to Company’s history of past losses and lack of conclusive evidence to support the view that sufficient taxable profit will be generated in the future by the Company to offset such losses.

Zoomcar Holdings, Inc. files tax returns in the U.S. federal, various state, and foreign jurisdictions. In the normal course of business, the Company is subject to examination by tax authorities. Our major tax jurisdiction is in India. The Indian tax authority is currently examining our 2016 through 2022 tax returns.

F-98 ZOOMCAR HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

| 28 | Income            
 taxes (Continued) |

As at March 31, 2024, tax returns for years ended March 31, 2020 and onward remain subject to examination by tax authorities in India. There are other ongoing audits in various other jurisdictions that are not material to our financial statements.

The