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v3.22.2

Income tax expenses (Tables) | 12 Months Ended
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Mar. 31, 2022
Income tax expenses |
Schedule of composition of income tax expenses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended March 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | (in millions of RMB)
Current income tax expense |  | 24,005 |  | 26,042 |  | 28,184
Deferred taxation |  | (3,443) |  | 3,236 |  | (1,369)
​ |  | 20,562 |  | 29,278 |  | 26,815
Schedule of composition of deferred tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31,
​ |  | 2021 |  | 2022
​ | ​ | (in millions of RMB)
Deferred tax assets | ​ | ​ | ​ | ​
Licensed copyrights | ​ | 3,664 | ​ | 3,893
Tax losses carried forward and others (i) | ​ | 40,031 | ​ | 46,945
​ | ​ | 43,695 | ​ | 50,838
Valuation allowance |  | (32,654) |  | (36,363)
Total deferred tax assets |  | 11,041 |  | 14,475
​ | ​ | ​ | ​ | ​
Deferred tax liabilities | ​ | ​ | ​ | ​
Identifiable intangible assets |  | (22,212) |  | (20,773)
Withholding tax on undistributed earnings (ii) |  | (8,066) |  | (8,106)
Equity method investees and others (iii) | ​ | (29,320) | ​ | (32,827)
Total deferred tax liabilities |  | (59,598) |  | (61,706)
Net deferred tax liabilities |  | (48,557) |  | (47,231)
​
| (i) | Others primarily represents deferred tax assets for share-based awards, investments in equity method investees, equity securities and other investments, as well as accrued expenses which are not deductible until paid under PRC tax laws.
| (ii) | The related deferred tax liabilities as of March 31, 2021 and 2022 were provided on the assumption that substantially all of the distributable earnings of PRC subsidiaries will be distributed as dividends, except for those undistributed earnings that the Company intends to invest indefinitely in the PRC which amounted to RMB 195.3 billion and RMB 176.4 billion, respectively.
| (iii) | Deferred tax liabilities for investments in equity method investees mainly includes the deferred tax effect on the gain in relation to the receipt of the 33% equity interest in Ant Group of RMB 19.7 billion (Note 4(k)). Others primarily represents deferred tax liabilities for investments in equity securities and other investments.
Schedule of reconciliation of the differences between the statutory EIT rate applicable to profits of the consolidated entities and the income tax expenses of the Company | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended March 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | (in millions of RMB, except per
​ | ​ | share data)
Income before income tax and share of result of equity method investees |  | 166,645 |  | 165,578 |  | 59,550
Income tax computed at statutory EIT rate (25%) |  | 41,661 |  | 41,395 |  | 14,888
Effect of different tax rates available to different jurisdictions |  | (1,085) |  | (1,982) |  | (2,006)
Effect of tax holiday and preferential tax benefit on assessable profits of subsidiaries incorporated in the PRC |  | (18,552) |  | (20,675) |  | (7,367)
Effect of the gain in relation to the receipt of the 33% equity interest in Ant Group (Note 4(k)) | ​ | (17,890) | ​ | — | ​ | —
Non-deductible expenses and non-taxable income, net (i) |  | 9,553 |  | 1,980 |  | 13,518
Additional deductions of certain research and development expenses incurred by subsidiaries in the PRC (ii) |  | (7,219) |  | (8,305) |  | (10,052)
Withholding tax on the earnings distributed and anticipated to be remitted |  | 4,621 |  | 4,612 |  | 5,026
Change in valuation allowance and others (iii) |  | 9,473 |  | 12,253 |  | 12,808
Income tax expenses |  | 20,562 |  | 29,278 |  | 26,815
Effect of tax holidays inside the PRC on basic earnings per share (RMB) |  | 0.88 |  | 0.96 |  | 0.34
Effect of tax holidays inside the PRC on basic earnings per ADS (RMB) |  | 7.06 |  | 7.65 |  | 2.73
​
| (i) | Expenses not deductible for tax purposes and non-taxable income primarily represent impairment of goodwill, a fine imposed pursuant to the PRC Anti-monopoly Law (the “Anti-monopoly Fine”), investment income or loss and share-based compensation expense.
| (ii) | This amount represents tax incentives relating to the research and development expenses of certain major operating subsidiaries in the PRC.
| (iii) | Change in valuation allowance primarily represents valuation allowance for temporary differences associated with tax losses and investments in certain equity securities and other investments. Besides, others primarily represents deferred tax effect for temporary differences in relation to certain investments in equity method investees, as well as other tax benefits which were not previously recognized.

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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