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INCOME TAX EXPENSE (Tables) | 12 Months Ended
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Mar. 31, 2022
INCOME TAX EXPENSE |
Schedule of current and deferred portions of income tax expense included in the Consolidated Statements of Comprehensive Loss | The current and deferred portions of income tax expense included in the Consolidated Statements of Comprehensive Loss during the year ended December 31, 2019, the three months ended March 31, 2020, the fiscal years ended March 31, 2021 and 2022 were as follows:
|  | For the year ended December 31, |  |  | For the three months ended March 31, |  |  | For the fiscal year ended March 31, |  |  | For the fiscal year ended March 31, |
|  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
Continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
- Current income tax benefit/ (expense) |  |  | 876 |  |  |  | (326 | ) |  |  | (33 | ) |  |  | (245 | )
- Deferred income tax expense |  |  | 1,678 |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  | 2,554 |  |  |  | (326 | ) |  |  | (33 | ) |  |  | (245 | )
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |
- Current income tax expense |  |  | (2,992 | ) |  |  | — |  |  |  | — |  |  |  | — |
Total income tax expense |  |  | (438 | ) |  |  | (326 | ) |  |  | (33 | ) |  |  | (245 | )
Reconciliation of Differences Between Statutory Tax Rate and the Effective Tax Rate | The following table sets forth a reconciliation between the statutory PRC EIT rate of 25% and the effective tax rate:
|  | For the year ended December 31, |  |  | For the three months ended March 31, |  |  | For the fiscal year ended March 31, |  |  | For the fiscal year ended March 31, |
|  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |
Statutory income tax rate 25.0% |  |  | 25.0 | % |  |  | 25.0 | % |  |  | 25.0 | % |  |  | 25.0 | %
Permanent differences |  |  | (8.9 | )% |  |  | (6.7 | )% |  |  | (17.0 | )% |  |  | (42.0 | )%
Effect of different tax rate (i) |  |  | (2.1 | )% |  |  | (0.7 | )% |  |  | (0.7 | )% |  |  | 12.4 | %
Change of valuation allowance |  |  | (13.9 | )% |  |  | (17.6 | )% |  |  | (7.3 | )% |  |  | 4.8 | %
Effective tax rate |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.2 | %
Schedule of significant components of the deferred tax assets and liabilities | The following table sets forth the significant components of the deferred tax assets:
|  | March 31, 2021 |  |  | March 31, 2022 |
|  | RMB |  |  | RMB |
Deferred tax assets |  |  |  |  |  |
Net accumulated losses-carry forward |  |  | 904,496 |  |  |  | 1,449,953 |
Deductible advertising expense |  |  | 543,743 |  |  |  | 551,431 |
Provision for credit losses |  |  | 511,528 |  |  |  | 94,706 |
Accruals |  |  | 46,097 |  |  |  | — |
Less: valuation allowance |  |  | (2,005,864 | ) |  |  | (2,096,090 | )
Net deferred tax assets |  |  | — |  |  |  | — |
Schedule of movement of valuation allowance | Movement of valuation allowance
|  | For the year ended December 31, |  |  | For the three months ended March 31, |  |  | For the fiscal year ended March 31, |  |  | For the fiscal year ended March 31, |
|  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
Balance at beginning of the period |  |  | (1,252,253 | ) |  |  | (1,534,011 | ) |  |  | (1,974,108 | ) |  |  | (2,005,864 | )
Changes of valuation allowance |  |  | (281,758 | ) |  |  | (440,097 | ) |  |  | (31,756 | ) |  |  | (90,226 | )
Balance at end of the period |  |  | (1,534,011 | ) |  |  | (1,974,108 | ) |  |  | (2,005,864 | ) |  |  | (2,096,090 | )

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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 https://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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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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 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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