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

INCOME TAXES (Tables)

INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2014

INCOME TAXES

Schedule of earnings before income taxes generated in jurisdictions

		Year Ended March 31,
		2012		2013		2014
		RMB		RMB		RMB
Cayman Islands and British Virgin Islands		(15,598,329	)	(19,373,510	)	(18,615,565	)
PRC		85,778,881		49,586,482		65,782,659
Hong Kong		—		—		4,803
Earnings before income taxes		70,180,552		30,212,972		47,171,897

Schedule of income tax expense (benefit)

		Year Ended March 31,
		2012		2013		2014
		RMB		RMB		RMB
PRC
Current expense		13,189,414		10,226,537		9,312,545
Deferred expense (benefit)		1,149,668		(3,221,555	)	(717,083	)
Dividend withholding tax		—		—		11,300,000
Total income tax expense		14,339,082		7,004,982		19,895,462

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,
		2012		2013		2014
		RMB		RMB		RMB
Computed “expected” income tax expense		17,545,138		7,553,243		11,792,976
Increase (decrease) in valuation allowance		(2,035,788	)	(735,773	)	737,572
Preferential income tax rate		(8,301,350	)	(7,069,673	)	(6,208,364	)
Entities not subject to income tax		833,483		1,624,864		2,018,962
Non-deductible expenses
Entertainment		1,344,639		1,213,569		972,624
Share-based compensation		3,066,099		3,218,514		2,633,728
Bad debt loss		47,296		1,058,750		462,751
Impairment of ETS TOEIC license		—		—		3,002,364
Changes in tax rates		2,032,901		429,667		—
Tax rate differential		(53,254	)	1,977,043		(4,213,407	)
Dividend withholding tax		—		—		11,300,000
Additional deduction of research and development costs		(371,754	)	(2,309,671	)	(2,805,937	)
Other		231,672		44,449		202,193
Actual income tax expense		14,339,082		7,004,982		19,895,462

Schedule of components of deferred income tax assets and liabilities

		March 31,
		2013		2014
		RMB		RMB
Deferred income tax assets:
Tax loss carryforwards		2,876,488		4,644,352
Property and equipment, net		1,709,276		1,494,298
Allowance for doubtful accounts		1,592,868		1,172,108
Write-down of inventories		317,163		24,237
Accrued expenses and other payables		3,796,164		5,572,175
Total gross deferred income tax assets		10,291,959		12,907,170
Less: valuation allowance		(921,751	)	(2,575,187	)
Net deferred income tax assets		9,370,208		10,331,983
Deferred income tax liabilities:
Customer relationships		195,452		179,202
Training platform		—		96,869
Contract in progress		—		164,073
Total gross deferred income tax liabilities		195,452		440,144
Net deferred income tax assets		9,174,756		9,891,839

Schedule of current and non-current deferred income tax assets and liabilities

		March 31,
		2013		2014
		RMB		RMB
Current deferred income tax assets, included in prepaid expenses and other current assets		7,524,161		8,429,138
Non-current deferred income tax assets, included in other assets		1,709,276		1,462,701
Non-current deferred income tax liabilities		(58,681	)	—
Net deferred income tax assets		9,174,756		9,891,839

Summary of movements of the valuation allowance

		Year Ended March 31,
		2012		2013		2014
		RMB		RMB		RMB

Balance at the beginning of the year		3,693,312		1,657,524		921,751
Additions from Xing Wei Group acquisition		—		—		915,864
Additions of valuation allowance excluding acquisition		—		—		737,572
Reduction of valuation allowance		(2,035,788	)	(735,773	)	—
Balance at the end of the year		1,657,524		921,751		2,575,187