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INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2022

INCOME TAXES

Schedule of components of the income tax expenses (benefit)

​

​	​	​	​	​	​	​	​	​	​
​	​	Year ended		​	Year ended		​	Year ended
​		March 31, 2022			March 31, 2021			March 31, 2020
​	​	USD		​	USD		​	USD
Current	​	​	131,433	​	​	482,976	​	​	446,769
Deferred	​	​	—	​	​	—	​	​	43,186
Total	​	​	131,433	​	​	482,976	​	​	489,955

Schedule of net deferred tax assets resulting from differences between financial accounting basis and tax basis of assets and liabilities

​

​	​	​	​	​	​	​
​	​	As of		​	As of
​		March 31, 2022			March 31, 2021
​	​	USD		​	USD
Provision for loan loss – PRC entities	​	​	2,395,294	​	​	5,539,854
Net operating loss carry forwards – PRC entities	​	​	642,772	​	​	1,004,821
Net operating loss carry forwards – U.S. entities	​	​	225,639	​	​	—
Total deferred tax assets	​	​	3,263,705	​	​	6,544,675
Less: Valuation allowance	​	​	(3,263,705)	​	​	(6,544,675)
Total net deferred tax assets	​	​	—	​	​	—

Schedule of reconciliation of the PRC statutory rates to the company's effective tax rate

​

​	​	​	​	​	​	​	​
​	​	Year ended	​	Year ended	​	Year ended
​		March 31, 2022		March 31, 2021		March 31, 2020
PRC Income tax statutory rate		(25.0)	%	(25.0)	%	(25.0)	%
Effect of tax holiday and preferential tax rate	​	4.0	%	1.0	%	—	​
Tax rate difference outside PRC	​	0.6	%	—	​	—	​
Non-deductible foreign losses	​	6.5	%	4.8	%	18.5	%
Change in valuation allowance	​	19.5	%	21.1	%	9.1	%
Non-deductible expenses and others		(4.8)	%	(0.3)	%	(1.5)	%
Effective tax rate		(0.8)	%	1.6	%	1.1	%

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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

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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