NaturalShrimp Incorporated Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

INCOME TAXES

3 Months Ended

Jun. 30, 2014

NOTE 7 - INCOME TAXES

Pursuant to ASC 740, the Company is required to compute tax asset benefits for net operating losses carried forward. Potential benefit of net operating losses have not been recognized in these financial statements because the Company cannot be assured if it is more likely than not it will utilize the net operating losses carried forward in future years.

The components of the net deferred tax asset are as follows:

	June 30,			March 31,
	2014			2013
	$			$
Deferred Tax Assets
Non-Capital Losses Carry-Forward		216,624			205,159
Valuation Allowance		(216,624	)		(205,159	)

Net Deferred Tax Assets		-			-

For the period ended June 30, 2014 and March 31, 2013, a reconciliation of the statutory tax rate to the effective tax rate is as follows:

Statutory Tax Rate	35%
Increase in Valuation Allowance	(35%	)

Effective Tax Rate	0%

Potential benefits of income tax losses are not recognized until realization is more likely than not. As at June 30, 2014, the Company has a net operating loss carry-forward of $618,927 which may be applied to reduce future taxable income in the United States. The net operating losses expire as follows:


2029			8,538
2030			59,039
2031			389,742
2032			74,121
2033			54,728
2034			32,759

TOTAL			618,927

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details