Accounting. Calculations for taxes and duties (the most important)

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Accounting. Calculations for taxes and duties (the most important)

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42. Calculations for taxes and fees

Account 68 "Calculations on taxes and fees" is intended to summarize information on settlements with budgets for taxes and fees paid by an organization, and taxes from employees of this organization.

Account 68 "Calculations on taxes and fees" is credited on the amounts due on tax declarations (calculations) to the contribution to the budgets:

Debit account 99 "Profit and loss"

Credit of account 70 "Settlements with personnel for wages" - the amount of income tax has been accrued.

According to the debit of account 68 "Calculations on taxes and fees" the amounts actually transferred to the budget, as well as the amounts of value added tax written off from account 19 "Value added tax on acquired values" are reflected.

The amount of income tax is a conditional expense (conditional income) for income tax.

Conditional expense (conditional income) for income tax equals the value determined as the product of the accounting profit formed in the reporting period by the income tax rate.

Conditional expense (conditional income) for income tax is accounted for in accounting on a separate sub-account for accounting for conditional expenses (conditional income) for income tax to account 99 "Profits and losses".

The amount of the accrued conditional income tax expense for the reporting period is reflected in the accounting records on the debit of account 99 "Profits and losses" in correspondence with the credit of account 68 "Calculations on taxes and fees".

Debit account 99 "Profit and loss"

Credit of account 68 "Calculations on taxes and fees" - income tax is accrued.

The amount of accrued conditional income for income tax for the reporting period is reflected in the accounting records in the debit of account 68 "Calculations on taxes and fees" and the credit of account 99 "Profit and losses".

Current income tax - income tax for tax purposes, determined on the basis of the amount of contingent expense (conditional income), adjusted for the amount of permanent tax liability, deferred tax asset and deferred tax liability of the reporting period.

The current income tax (current tax loss) for each reporting period should be recognized in the financial statements as a liability equal to the amount of the unpaid tax.

For the amount of value added tax, entries are made on the debit of account 68 "Calculations on taxes and fees" in correspondence with the credit of account 68 "Calculations on taxes and fees" and, accordingly, on the debit of account 68 "Calculations on taxes and fees" with the credit of the account 51 "Settlement accounts" when transferring it to the budget.

The amounts of value added tax to be returned to the organization are reflected in the debit of account 51 "Settlement accounts" (68 "Calculations on taxes and fees") with the credit of account 68 "Calculations on taxes and fees".

If the taxpayer does not confirm the validity of applying a tax rate of 0% of the amount of value added tax, reflected in the debit of account 68 "Calculations on taxes and fees", are written off to the debit of account 91 "Other income and expenses". The account records:

Debit account 91 "Other income and expenses"

Credit of account 68 "Calculations on taxes and fees".

Analytical accounting on account 68 "Calculations on taxes and fees" conducted by type of taxes.

Author: Kabkova E.N.

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