INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2021

INCOME TAXES

Schedule of components of the income tax expenses (benefit)

	Year ended		Year ended		Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
	USD		USD		USD
Current		482,976		446,769		853,970
Deferred		—		43,186		(46,260)
Total		482,976		489,955		807,710

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, 2021		March 31, 2020
	USD		USD
Advertising expenses		—		67,925
Provision for loan loss		5,539,854		3,754,257
Provision for accounts receivable and contract assets		—		15,698
Net operating loss carry forwards		1,004,821		422,446
Total deferred tax assets		6,544,675		4,260,326
Less: Valuation allowance		(6,544,675)		(4,260,326)
Total net deferred tax assets		—		—

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

	Year ended		Year ended		Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
PRC Income tax statutory rate	(25.0)	%	(25.0)	%	(25.0)	%
Effect of tax holiday and preferential tax rate	1.0	%	—		—
Non-deductible foreign losses	4.8	%	18.5	%	33.0	%
Change in valuation allowance	21.1	%	9.1	%	—	%
Non-deductible expenses and others	(0.3)	%	(1.5)	%	3.8	%
Effective tax rate	1.6	%	1.1	%	11.8	%