Virax Biolabs Group Limited Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Income tax (Tables)

Income tax (Tables)

12 Months Ended

Mar. 31, 2024

Major components of tax expense (income) [abstract]

Reconciliation of Income Taxes at Statutory Rates

A reconciliation of income taxes at statutory rates with the reported taxes is as follows:


	For the Year Ended March 31,
	2024			2023			2022
Earnings (loss) for the year	$	(6,739,120	)	$	(5,457,763	)	$	(1,749,870	)

Expected income tax (recovery)		(821,664	)		(337,114	)		(181,189	)
Change in statutory, foreign tax, foreign exchange rates and other		9,519			(11,013	)		(51,491	)
Permanent Difference		181,257			9,093			86,824
Provision to NOLs		181,755			—			—
Change in unrecognized deductible temporary differences		449,133			339,034			145,856
Total income tax expense (recovery)	$	—		$	—		$	—

Summary of Net Deferred Tax Asset (Liability)


	As of March 31,
	2024			2023
Deferred Tax Assets (liabilities)
Intangible assets		97,589			—
Depreciation		(222,171	)		—
Non-capital losses available for future period		1,553,164			979,448
		1,428,582			979,448
Unrecognized deferred tax assets		(1,428,582	)		(979,448	)
Net deferred tax asset (liability)	$	—		$	—

Summary of Temporary Differences

The significant components of the Company’s temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated statement of financial position are as follows:

         
        March 31, 2024

        Expiry Date Range

        March 31, 2023

        Expiry Date Range

        Temporary Differences

Non-capital losses available for future period - finite

660,042

5 years

463,605

5 years

Non-capital losses available for future period

6,473,993

No expiry date

4,602,150

No expiry date