How to calculate current income tax

Under Article 246 of the Tax Code of the Russian Federation, all legal entities that conduct any particular type of activity and receive profits from this activity are subject to income taxation. Therefore, for any legal entity it is important to correctly calculate the current profit tax, so that later it does not have any disagreements with the tax authorities, and also to ensure that this payment does not cause confusion in him.
But in order to properly calculate this very tax, it is important to know how to do it right, and also to understand all the nuances and trivialities. And for this purpose, below is a detailed instruction describing the entire process of calculating the current income tax.

1. First, you need to determine the tax base for calculating the amount of tax. And the tax base of any legal entity is the sum of all its incomes. This amount is calculated as follows: the difference between revenue and costs is found.
The current income tax will be zero (that is, you will not have to pay anything) only if the sum of all incomes is negative. If it turned out that way, then the income was negative, the legal entity suffered losses. It turns out that there is nothing to tax.

2. The result obtained in the first paragraph should be multiplied with the current rate of profit tax - at present this rate is determined by the state as 20% of the tax base. But for some privileged categories of legal entities, it can be slightly lowered. You can derive the formula: Profit = Gross Income * Tax Rate / 100.

To understand this, it is better to understand the example. Here, for example, a legal entity for the current tax period received a profit equal to 1,500,000 rubles. Hence, the current income tax for this enterprise will be exactly 300 000 rubles.

3. Payment of income tax is made only once a year (calendar). And the reporting periods are always equated with one quarter, nine months and half a year. If the taxpayer (that is, the legal entity in this case) accepts advance payments at a frequency of once a month, then in each of these months he must prepare a tax report.

4. Based on the calculations made in all the previous paragraphs, a tax return is prepared, according to which the tax must be paid before March 28 inclusive (this is the tax for the year) and within four weeks after the end of the tax period.
When calculating the amount of all incomes of the enterprise, it should be remembered that, according to the law, those are considered to be revenues derived from the participation of equity in the activities of third-party organizations, various securities transactions, the activities of an ordinary partnership, the assignment of the right to demand management of trust property, the transfer of property to the disposal of the organization, Activity at use of economic means. The sum of all incomes received as a result of such activities is the gross income of the enterprise.
The corporate profit tax is not an exception in this sense and is calculated in the same way, without any differences and peculiarities. The corporation is also a legal entity.
But sometimes it happens that the tax return has made a mistake. It is not so important who allowed it, whether the current income tax or other data were incorrectly indicated - the tax inspectorate will not understand the internal problems of the firms. You just need to correct the mistake as soon as possible. So, what to do to avoid a fine?

1. Identify in the original report an error, due to which the error was committed.

2. Fill in the updated reporting and send it to the end of the deadline for submitting the declaration.

3. To correct the tax base.

If all the time is up, then you need to transfer the missing amount before filing a clarifying letter. In the event that you act in this way, you can count on indulgence - more precisely, you will get the advantage by law.