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Income Taxes | 12 Months Ended
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Mar. 31, 2015
Income Tax Disclosure [Abstract] |
Income Taxes | 5. INCOME TAXES Components of tax expense (benefit) are as follows:
|  | Year Ended March 31 |
|  | 2015 |  |  | 2014 |
Federal |  |  |  |  |  |  |  |
Current |  | $ | 519,271 |  |  | $ | 863,049 |
Deferred |  |  | (377,356 | ) |  |  | (172,281 | )
|  |  | 141,915 |  |  |  | 690,768 |
State |  |  |  |  |  |  |  |
Current |  |  | 161,571 |  |  |  | 133,014 |
|  |  | 161,571 |  |  |  | 133,014 |
Total |  | $ | 303,486 |  |  | $ | 823,782 |
The U.S. federal statutory income tax rate is reconciled to the effective rate as follows:
|  | Year Ended March 31 |
|  | 2015 |  |  | 2014 |
Income tax expense at U.S. federal statutory rate |  |  | 34.0 | % |  |  | 34.0 | %
Benefit of tax deduction allowed to manufacturing companies |  |  | (7.0 | ) |  |  | (3.0 | )
Other |  |  | (1.0 | ) |  |  | — |
Current year state and local income taxes net of federal income tax benefit |  |  | 7.3 |  |  |  | 1.5 |
True up during the current year of income taxes on prior year filing |  |  | 11.0 |  |  |  | — |
Provision for income taxes |  |  | 44.3 | % |  |  | 32.5 | %
The Company’s tax returns may be subject to examination by the Internal Revenue Service for the fiscal years ending March 31, 2012 through March 31, 2014. State and local returns may be subject to examination for fiscal years ended March 31, 2012 through March 31, 2014. Deferred income taxes are provided for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s consolidated deferred tax assets (liabilities) are as follows:
|  | March 31 |
|  | 2015 |  |  | 2014 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  | $ | (1,231,047 | ) |  | $ | (1,555,000 | )
Total deferred tax liabilities |  |  | (1,231,047 | ) |  |  | (1,555,000 | )
Deferred tax assets: |  |  |  |  |  |  |  |
Inventory capitalization |  |  | 201,094 |  |  |  | 170,000 |
LIFO Inventory |  |  | 783,645 |  |  |  | 785,000 |
Postretirement benefits other than pensions |  |  | 370,562 |  |  |  | 344,000 |
Other |  |  | 63,104 |  |  |  | 66,002 |
Total deferred tax assets |  |  | 1,418,405 |  |  |  | 1,365,002 |
Net deferred tax asset (liability) |  | $ | 187,358 |  |  | $ | (189,998 | )

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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