INCOME TAXES (Tables)
|
12 Months Ended |
Mar. 31, 2017 |
|---|
| INCOME TAXES |
|
| Schedule of earnings before income taxes generated in jurisdictions |
|
|
|
Year Ended March 31,
|
|
|
|
|
2015
|
|
2016
|
|
2017
|
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
Cayman Islands and British Virgin Islands
|
|
(15,524,612
|
)
|
(23,126,473
|
)
|
(7,439,119
|
)
|
|
PRC
|
|
48,142,932
|
|
68,147,366
|
|
36,100,641
|
|
|
Hong Kong
|
|
12,546
|
|
(48,227
|
)
|
(33,943
|
)
|
|
|
|
|
|
|
|
|
|
|
Earnings before income taxes
|
|
32,630,866
|
|
44,972,666
|
|
28,627,579
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of income tax expense (benefit) |
|
|
|
Year Ended March 31,
|
|
|
|
|
2015
|
|
2016
|
|
2017
|
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
PRC
|
|
|
|
|
|
|
|
|
Current expense
|
|
10,424,835
|
|
11,867,755
|
|
15,677,070
|
|
|
Deferred expense (benefit)
|
|
(849,689
|
)
|
7,053,724
|
|
22,919,916
|
|
|
|
|
|
|
|
|
|
|
|
Total income tax expense
|
|
9,575,146
|
|
18,921,479
|
|
38,596,986
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of difference between actual income tax expense and amount computed by applying the PRC statutory income tax rate to earnings before income taxes |
|
|
|
Year Ended March 31,
|
|
|
|
|
2015
|
|
2016
|
|
2017
|
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
Computed “expected” income tax expense
|
|
8,157,716
|
|
11,243,167
|
|
7,156,895
|
|
|
Increase in valuation allowance
|
|
1,307,368
|
|
16,146,033
|
|
21,150,760
|
|
|
Preferential income tax rate
|
|
(4,922,088
|
)
|
(7,911,837
|
)
|
(12,853,725
|
)
|
|
Entities not subject to income tax
|
|
2,100,188
|
|
3,502,469
|
|
1,868,266
|
|
|
Non-deductible expenses
|
|
|
|
|
|
|
|
|
Entertainment
|
|
1,225,250
|
|
792,099
|
|
662,669
|
|
|
Share-based compensation
|
|
1,777,829
|
|
2,291,206
|
|
1,739,601
|
|
|
Bad debt loss
|
|
1,383,597
|
|
(31,963
|
)
|
173,615
|
|
|
Tax rate differential
|
|
5,629,196
|
|
(3,974,403
|
)
|
—
|
|
|
Additional deduction of research and development costs
|
|
(8,489,742
|
)
|
(4,900,698
|
)
|
(4,856,620
|
)
|
|
Withholding tax related to undistributed earnings
|
|
—
|
|
—
|
|
22,620,872
|
|
|
Other
|
|
1,405,832
|
|
1,765,406
|
|
934,653
|
|
|
|
|
|
|
|
|
|
|
|
Actual income tax expense
|
|
9,575,146
|
|
18,921,479
|
|
38,596,986
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of components of deferred income tax assets and liabilities |
|
|
|
March 31,
|
|
|
|
|
2016
|
|
2017
|
|
|
|
|
RMB
|
|
RMB
|
|
|
Deferred income tax assets:
|
|
|
|
|
|
|
Tax loss carryforwards
|
|
20,326,608
|
|
28,887,161
|
|
|
Share of losses of equity method investments
|
|
1,112,843
|
|
3,193,339
|
|
|
Impairment loss of long-term investments
|
|
—
|
|
8,049,843
|
|
|
Property and equipment, net
|
|
70,475
|
|
276,921
|
|
|
Accrued expenses and other payables
|
|
2,375,267
|
|
4,292,260
|
|
|
|
|
|
|
|
|
|
Total gross deferred income tax assets
|
|
23,885,193
|
|
44,699,524
|
|
|
Less: valuation allowance
|
|
(20,028,588
|
)
|
(41,179,348
|
)
|
|
|
|
|
|
|
|
|
Total deferred income tax assets, net
|
|
3,856,605
|
|
3,520,176
|
|
|
Deferred income tax liabilities:
|
|
|
|
|
|
|
Customer relationships
|
|
114,202
|
|
97,952
|
|
|
Training platform
|
|
54,599
|
|
33,464
|
|
|
Withholding tax related to distributable earnings
|
|
—
|
|
22,620,872
|
|
|
|
|
|
|
|
|
|
Total gross deferred income tax liabilities
|
|
168,801
|
|
22,752,288
|
|
|
|
|
|
|
|
|
|
Net deferred income tax assets
|
|
3,687,804
|
|
3,388,760
|
|
|
|
|
|
|
|
|
|
Net deferred income tax liabilities
|
|
—
|
|
22,620,872
|
|
|
|
|
|
|
|
|
|
| Summary of movements of the valuation allowance |
|
|
|
Year Ended March 31,
|
|
|
|
|
2015
|
|
2016
|
|
2017
|
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the beginning of the year
|
|
2,575,187
|
|
3,882,555
|
|
20,028,588
|
|
|
Additions
|
|
1,307,368
|
|
16,146,033
|
|
21,150,760
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the end of the year
|
|
3,882,555
|
|
20,028,588
|
|
41,179,348
|
|
|
|
|
|
|
|
|
|
|
|