INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2025

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Income tax expense/(benefit) for each of the years ended March 31 consists of the following:

	Year Ended March 31, (in thousands)
Income Tax Expense
	2025 ($)			2024 ($)
Net income loss before tax		(7,121	)		(13,000	)
Tax rate		21	%		21	%

Expected income tax recovery		(1,495	)		(2,730	)
Impact of tax rate differences in foreign jurisdictions		(72	)		(151	)
Tax rate changes and other adjustments		(2,305	)		1,475
Permanent differences		-			-
Change in valuation allowance		3,872			1,406
		-			-

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The significant components of deferred income tax expense/(benefit) from operations before non-controlling interest for each of the years ended March 31 are approximated as follows:

	Year Ended March 31, (in thousands)
Deferred income taxes
	2025 ($)			2024 ($)

Net operating loss carry-forwards foreign		332			287
Non-capital loss carry-forwards – U.S.		18,365			14,272
Temporary differences		427			418

Net deferred tax asset		19,124			14,977
Valuation allowance		(19,124	)		(14,977	)
		-			-

Summary of Operating Loss Carryforwards [Table Text Block]

The table below sets forth the details of expiration of the non-financial carried forward losses of the Company as of March 31, 2025, as under:

Year	Amount (in thousands) ($)
2029		16
2030		37
2031		3,081
2032		4,141
2033		627
2034		1,269
2035		1,735
2036		1,176
2037		819
No expiry		1,256
No expiry		4,132
No expiry		7,932
No expiry		8,841
No expiry		14,966
No expiry		8,552
No expiry		6,884
No expiry		22,006
Total		87,469

IGC Pharma, Inc. 10-K