INCOME TAX (Tables)

12 Months Ended

Mar. 31, 2020

INCOME TAX

Schedule of components of the income tax expenses (benefit)

	Year ended		Year ended		Year ended
	March 31, 2020		March 31, 2019		March 31, 2018
	USD		USD		USD
Current		683,828		5,596,753		10,610,067
Deferred		3,584,903		(3,724,081)		415,623
Total		4,268,731		1,872,672		11,025,690

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, 2020		March 31, 2019
	USD		USD
Advertising expenses		406,072		3,721,177
Provision for loan loss		3,987,604		271,056
Net operating loss carry forwards		3,077,622		5,683
Total deferred tax assets		7,471,298		3,997,916
Less: Valuation allowance		(7,471,298)		(276,739)
Total net deferred tax assets		—		3,721,177

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

	Year ended		Year ended		Year ended
	March 31, 2020		March 31, 2019		March 31, 2018
PRC Income tax statutory rate	25	%	25.0	%	25.0	%
Effect of tax holiday and preferential tax rate	(3.0)	%	(48.1)	%	(10.7)	%
Effect of withholding income tax	(28.4)	%	17.8	%	—
Non-deductible expenses and others			30.6	%	0.1	%
Effective tax rate	(6.4)	%	25.3	%	14.4	%

Schedule aggregate amount and per share effect of the tax holiday and preferential tax rate

	Year ended	Year ended	Year ended
	March 31, 2020	March 31, 2019	March 31, 2018
	USD	USD	USD
The aggregate amount of tax holiday and preferential tax rate	—	2,642,450	8,157,429
The aggregate effect on basic and diluted net income per share:
- Basic	—	0.06	0.18
- Diluted	—	0.05	0.17