INCOME TAXES

9 Months Ended

Mar. 31, 2024

NOTE 6 – INCOME TAXES

The components of the Company’s provision for Federal income tax for the nine months ended March 31, 2024 and the year ended June 30, 2023 consists of the following:

Schedule of deferred tax assets	For the nine months ended March 31, 2024			Year ended June 30, 2023
Federal income tax benefit attributable to:
Current Operations	$	28,078		$	25,668
Less: valuation allowance		(28,078	)		(25,668	)
Net provision for Federal income taxes	$	–		$	–

The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows:

Schedule of deferred tax assets	For the nine months ended March 31, 2024			Year ended June 30, 2023
Deferred tax asset attributable to:
Net operating loss carryover	$	5,896		$	5,390
Less: valuation allowance		(5,896	)		(5,390	)
Net deferred tax asset	$	–		$	–

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $5,896 as of March 31, 2024 and $5,930 as of June 30, 2023, for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Neolara Corp. 10-Q