v3.25.1
INCOME TAX EXPENSE (Tables)
9 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
SCHEDULE OF CURRENT AND DEFERRED PORTIONS OF INCOME TAX EXPENSE INCLUDE 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 fiscal years ended March 31, 2023 and 2024 and the nine months ended December 31, 2024 were as follows:

 

   2023   2024   2024 
  

For the fiscal year ended

March 31,

   For the nine months ended December 31, 
   2023   2024   2024 
   RMB   RMB   RMB 
             
Current income tax expense   (366)   (311)   (39)
Deferred income tax expense   -    -    - 
Total income tax expense   (366)   (311)   (39)
SCHEDULE OF 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:

 

   2023   2024   2024 
  

For the fiscal year ended

March 31,

   For the nine months ended December 31, 
   2023   2024   2024 
             
Statutory income tax rate 25.0% (i)   25.0%   25.0%   25.0%
Permanent differences   (3.3)%   (1.1)%   (1.1)%
Effect of different tax rate (ii)   36.7%   (5.5)%   23.2%
Change of valuation allowance   (58.1)%   (18.3)%   (47.1)%
Effective tax rate   0.3%   0.1%   0.0%

 

(i)The PRC statutory income tax rate was used because the majority of the Group’s operations are based in PRC.

 

(ii)The effect of different tax rate is attributed to varying rates in other jurisdictions where the Group is established, such as the Cayman Islands or Hong Kong, and the preferential tax rate certain entities in the Group enjoys.
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,

2024

  

December 31,

2024

 
   RMB   RMB 
         
Deferred tax assets          
Net operating loss carry forwards   1,512,929    1,328,662 
Deductible advertising expense   444,484    93,960 
Leases   193,523    195,166 
Provision for credit losses   10,762    9,298 
Impairment loss for equity investments accounted for using measurement alternative   865    - 
Less: valuation allowance   (1,977,402)   (1,424,137)
Net deferred tax assets   185,161    202,949 

 

  

March 31,

2024

  

December 31,

2024

 
   RMB   RMB 
         
Deferred tax liabilities          
Leases   (185,161)   (202,949)
Total deferred tax liabilities, net   (185,161)   (202,949)
SCHEDULE OF MOVEMENT OF VALUATION ALLOWANCE

Movement of valuation allowance

 

   2023   2024   2024 
  

For the fiscal year

ended

March 31,

  

For the nine months ended

December 31,

 
   2023   2024   2024 
   RMB   RMB   RMB 
             
Balance at beginning of the period   (2,096,090)   (2,187,715)   (1,977,402)
Changes of valuation allowance   (91,625)   210,313    553,265 
Balance at end of the period   (2,187,715)   (1,977,402)   (1,424,137)