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Taxation (Tables)

12 Months Ended

Mar. 31, 2021

Taxes Payable [Abstract]

Schedule of Composition of Income Tax Benefits

Composition of income tax benefits

		For the year ended March 31,
		2019				2020				2021
		RMB				RMB				RMB
Current income tax expenses			(6,051	)			(2,119	)			(9,825	)
Deferred income tax benefits			23,268				2,709				4,644
		17,217				590				(5,181)

Schedule of Components of Loss Before Tax

The components of loss before tax are as follows:

		For the year ended March 31,
		2019				2020				2021
		RMB				RMB				RMB
Loss before tax
Loss from PRC entities			(426,044	)			(310,312	)			(61,292	)
Loss from overseas entities			(77,448	)			(1,913,916	)			(261,498	)
Total loss before tax			(503,492	)			(2,224,228	)			(322,790	)
		For the year ended March 31,
		2019				2020				2021
		RMB				RMB				RMB
Income tax benefits/(expenses)
Current income tax expenses			(6,051	)			(2,119	)			(9,825	)
Deferred tax benefits			23,268				2,709				4,644
Total income tax benefits/(expenses)			17,217				590				(5,181	)

Schedule of Reconciliation of the Differences Between Statutory Tax Rate and the Effective Tax Rate

Reconciliation of the differences between the PRC statutory tax rate of 25% and the Group’s effective tax rate is as follows:

		For the year ended March 31,
		2019				2020				2021
PRC Statutory tax rate			25%				25%				25%
Difference in EIT rates of certain subsidiaries			(3%	)			(23%	)			(21%	)
Permanent book – tax difference			(5%	)			(1%	)			(2%	)
Additional deduction for research and development expenditures			2%				1%				3%
Changes in valuation allowance			(16%	)			(2%	)			(6%	)
Effective tax rate			3%				0%				(1%	)

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Group’s deferred tax assets are as follows:

		As of March 31,
		2020				2021
		RMB				RMB
Deferred tax assets:
- Tax losses carried forward			556,851				351,618
- Carryforwards of un-deducted advertising expenses			182,318				175,148
- Accruals and other liabilities			6,821				5,167
- Provision for doubtful accounts			5,792				7,407
- Impairment of available-for-sale investments			1,125				1,633
Less: valuation allowance			(752,907	)			(540,973	)
Net deferred tax assets			—				—
Deferred tax liabilities:
- Recognition of intangible assets arisen from business combination and unrealized holding gain			2,571				3,212
- Recognition of acquired broadcasting license			18,958				14,314
Net deferred tax liabilities			21,529				17,526

Schedule of Operating Loss Carry Forward

As of March 31, 2021, net operating loss carry forwards from PRC entities will expire as follows:

At December 31,		RMB
2021			300,138
2022			147,361
2023			57,955
2024			244,563
2025			536,987
Thereafter			682,339
		1,969,343

Schedule of Movement of Valuation Allowance

Movement of valuation allowance

		For the year ended March 31,
		2019				2020				2021
		RMB				RMB				RMB
Balance at beginning of the period			780,179				860,698				752,907
Addition			83,516				21,180				16,934
Written off for expiration of net operating losses			—				(125,803	)			(225,742	)
Utilization of previously unrecognized tax loss and un-deductible advertising expenses			(2,997	)			(3,168	)			(3,126	)
Balance at end of the period			860,698				752,907				540,973

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- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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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.

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