INCOME TAXES (Tables)

6 Months Ended

Sep. 30, 2015

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The income tax expense consists of the following:

	Six Months Ended September 30,
	2015		2014
Current:
Domestic	$	-	$	-
Foreign		-		-
Under/(over) provision for prior years		-		1,872
Effect of IRS audit		(3,965,606)		-
Income tax expense	$	(3,965,606)	$	1,872

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of income taxes, with the amounts computed by applying the statutory federal income tax rate, 37% for the six months ended September 30, 2015 and 2014, to income before income taxes for the six months ended September 30, 2015 and 2014, is as follows:

	Six Months Ended September 30,
	2015		2014
Income tax provision at U.S. statutory rate	$	(626,275)	$	(85,525)
State tax		-		-
Deferred tax valuation allowance		774,322		83,225
Nondeductible expenses		(148,047)		2,300
Foreign subsidiary income tax		-		-
Under/(over) provision for prior years		-		1,872
Effect of IRS audit		(3,965,606)		-
Income tax expense	$	(3,965,606)	$	1,872

EFT Holdings, Inc. 10-Q