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

INCOME TAXES (Tables)

v3.2.0.727
INCOME TAXES (Tables)
12 Months Ended
Mar. 31, 2015
INCOME TAXES  
Schedule of earnings before income taxes generated in jurisdictions

 

 

 

 

Year Ended March 31,

 

 

 

2013

 

2014

 

2015

 

 

 

RMB

 

RMB

 

RMB

 

Cayman Islands and British Virgin Islands

 

(19,373,510

)

(18,615,565

)

(15,524,612

)

PRC

 

49,586,482

 

65,782,659

 

48,142,932

 

Hong Kong

 

 

4,803

 

12,546

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

30,212,972

 

47,171,897

 

32,630,866

 

 

 

 

 

 

 

 

 

 

Schedule of income tax expense (benefit)

 

 

 

 

Year Ended March 31,

 

 

 

2013

 

2014

 

2015

 

 

 

RMB

 

RMB

 

RMB

 

PRC

 

 

 

 

 

 

 

Current expense

 

10,226,537

 

9,312,545

 

10,424,835

 

Deferred expense (benefit)

 

(3,221,555

)

(717,083

)

(849,689

)

Dividend withholding tax

 

 

11,300,000

 

 

 

 

 

 

 

 

 

 

Total income tax expense

 

7,004,982

 

19,895,462

 

9,575,146

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

2013

 

2014

 

2015

 

 

 

RMB

 

RMB

 

RMB

 

Computed “expected” income tax expense

 

7,553,243

 

11,792,976

 

8,157,716

 

Increase (decrease) in valuation allowance

 

(735,773

)

737,572

 

1,307,368

 

Preferential income tax rate

 

(7,069,673

)

(6,208,364

)

(4,922,088

)

Entities not subject to income tax

 

1,624,864

 

2,018,962

 

2,100,188

 

Non-deductible expenses

 

 

 

 

 

 

 

Entertainment

 

1,213,569

 

972,624

 

1,225,250

 

Share-based compensation

 

3,218,514

 

2,633,728

 

1,777,829

 

Bad debt loss

 

1,058,750

 

462,751

 

1,383,597

 

Impairment of ETS TOEIC license

 

 

3,002,364

 

 

Changes in tax rates

 

429,667

 

 

 

Tax rate differential

 

1,977,043

 

(4,213,407

)

5,629,196

 

Dividend withholding tax

 

 

11,300,000

 

 

Additional deduction of research and development costs

 

(2,309,671

)

(2,805,937

)

(8,489,742

)

Other

 

44,449

 

202,193

 

1,405,832

 

 

 

 

 

 

 

 

 

Actual income tax expense

 

7,004,982

 

19,895,462

 

9,575,146

 

 

 

 

 

 

 

 

 

 

Schedule of components of deferred income tax assets and liabilities

 

 

 

 

March 31,

 

 

 

2014

 

2015

 

 

 

RMB

 

RMB

 

Deferred income tax assets:

 

 

 

 

 

Tax loss carryforwards

 

4,644,352

 

10,228,873

 

Share of loss of equity method investments

 

 

 

164,021

 

Property and equipment, net

 

1,494,298

 

1,091,914

 

Allowance for doubtful accounts

 

1,172,108

 

 

Write-down of inventories

 

24,237

 

 

Accrued expenses and other payables

 

5,572,175

 

3,375,252

 

 

 

 

 

 

 

Total gross deferred income tax assets

 

12,907,170

 

14,860,060

 

Less: valuation allowance

 

(2,575,187

)

(3,882,555

)

 

 

 

 

 

 

Net deferred income tax assets

 

10,331,983

 

10,977,505

 

Deferred income tax liabilities:

 

 

 

 

 

Customer relationships

 

179,202

 

160,243

 

Training platform

 

96,869

 

75,734

 

Contract in progress

 

164,073

 

 

Total gross deferred income tax liabilities

 

440,144

 

235,977

 

 

 

 

 

 

 

Net deferred income tax assets

 

9,891,839

 

10,741,528

 

 

 

 

 

 

 

 

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

 

 

 

March 31,

 

 

 

2014

 

2015

 

 

 

RMB

 

RMB

 

Current deferred income tax assets, included in prepaid expenses and other current assets

 

8,429,138 

 

9,490,107 

 

Non-current deferred income tax assets, included in other assets

 

1,462,701 

 

1,251,421 

 

 

 

 

 

 

 

Net deferred income tax assets

 

9,891,839 

 

10,741,528 

 

 

 

 

 

 

 

 

Summary of movements of the valuation allowance

 

 

 

 

Year Ended March 31,

 

 

 

2013

 

2014

 

2015

 

 

 

RMB

 

RMB

 

RMB

 

 

 

 

 

 

 

 

 

Balance at the beginning of the year

 

1,657,524

 

921,751

 

2,575,187

 

Additions from Xing Wei Group acquisition

 

 

915,864

 

 

Additions of valuation allowance excluding acquisition

 

 

737,572

 

1,307,368

 

Reduction of valuation allowance

 

(735,773

)

 

 

 

 

 

 

 

 

 

 

Balance at the end of the year

 

921,751

 

2,575,187

 

3,882,555