There are multiple similar questions everywhere across the internet and so far no provided solutions work.
I use Android Studio 4.0.0, and maybe this is the problem.
So far I got these settings in my system variables:

Also PATH variable:

Here is what react-native info outputs:
$ react-native info
info Fetching system and libraries information...
System:
OS: Windows 10 10.0.18363
CPU: (6) x64 Intel(R) Core(TM) i5-8400 CPU @ 2.80GHz
Memory: 23.08 GB / 31.86 GB
Binaries:
Node: 12.17.0 - C:\Program Files\nodejs\node.EXE
Yarn: 1.22.4 - C:\Program Files (x86)\Yarn\bin\yarn.CMD
npm: 6.14.4 - C:\Program Files\nodejs\npm.CMD
Watchman: Not Found
SDKs:
Android SDK: Not Found
IDEs:
Android Studio: Version 4.0.0.0 AI-193.6911.18.40.6514223
Languages:
Java: 11.0.2 - /c/Users/zarifov/AppData/Local/jdk-11.0.2/bin/javac
Python: 2.7.18 - /c/Python27/python
npmPackages:
@react-native-community/cli: Not Found
react: ~16.11.0 => 16.11.0
react-native: ~0.62.2 => 0.62.2
npmGlobalPackages:
*react-native*: Not Found
And also, just in case, react-native doctor output:
$ react-native doctor
Common
✓ Node.js
✓ yarn
✓ Python
Android
✓ JDK
✓ Android Studio - Required for building and installing your app on Android
✖ Android SDK - Required for building and installing your app on Android
- Versions found: N/A
- Version supported: 28.0.3
✓ ANDROID_HOME
Errors: 1
Warnings: 0
Usage
› Press f to try to fix issues.
› Press e to try to fix errors.
› Press w to try to fix warnings.
› Press Enter to exit.
Common
✓ Node.js
✓ yarn
✓ Python
Android
✓ JDK
✓ Android Studio - Required for building and installing your app on Android
✖ Android SDK - Required for building and installing your app on Android
- Versions found: N/A
- Version supported: 28.0.3
✓ ANDROID_HOME
Errors: 1
Warnings: 0
Usage
› Press f to try to fix issues.
› Press e to try to fix errors.
› Press w to try to fix warnings.
› Press Enter to exit.
Additional important information: The attempt to fix issue with SDK via doctor cannot be successful since it fails with "permission denied" on attempting to install Androd Command Line Tools despite the fact that the PowerShell and IDE are launched with admin privileges.
I have a solution: install Android SDK Command-line Tools:

The correct way of solving it involves a two-step process. This is what worked for me:
STEP 1
Install Android SDK Command-line tools. After doing so, once you call npx react-native doctor you'll no longer see Versions found: N/A (providing that you already have some SDK version(s) installed in your machine, which I assume is the case). After installing it you should see something like:

STEP 2
If version found does not match the version react-native supports (version supported) then you need to download the correct SDK version to make them match. When doing so you need to be careful as you have to do two more steps within android studio menus: tools --> sdk manager --> Android SDK. Once here:
STEP 2.1 Select SDK Platforms and choose Platform and Sources for you API Level (tick "show package details" checkbox):

STEP 2.2 Select SDK Tools and tick the box of the API version you need to install to match it with react needs (again make sure you tick "show package details" checkbox):

Now click OK and install everything. Close your terminal and run it again. When using react-native doctor comand you'll find the problem is solved:

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