Overpayment of taxes may occur if advance payments are made or tax liabilities are miscalculated. To reflect this operation in accounting, you must refer to PBU 18/02 and the Letter of the Ministry of Finance of the Russian Federation No. 16-00-14 / 129 dated April 15, 2003, which indicate the main points for accounting for such expenses.
Instructions
Step 1
Calculate and pay to the budget advance payments of income tax. Reflect this operation on the credit of account 51 "Current account" in correspondence with subaccount 68-40 "Income tax debt". Subaccount 68-5 is formed specifically for accounting for advance payments and helps to correctly form financial statements.
Step 2
Calculate income tax based on the results of the reporting period. To do this, add the amount of notional income or expense for this tax and reflect the calculated amount on the credit of account 68-4 "Calculations for income tax" in correspondence with account 99-3 "Conditional income and expense". Then determine the amount of the permanent tax liability, which is equal to the product of the permanent difference times the tax rate. Consider this accrual on the credit of account 68-4 in correspondence with account 99-2 "Permanent tax liability".
Step 3
Calculate the amount of the deferred tax asset that is equal to the time difference multiplied by the tax rate. Reflect this operation on the credit of account 68-4 and the debit of account 09 "Deferred tax assets". If the profit in accounting is greater than in tax accounting, then a taxable difference is formed. The product of its amount by the tax rate is called a deferred tax liability, which is accounted for on the credit of account 77 "Deferred tax liabilities" and the debit of account 68-4.
Step 4
Determine the balance of sub-account 68-4 at the end of the reporting period, and then subtract from it the amount of actually paid advance tax payments. If an overpayment has occurred, then it is accounted for in accounts receivable. In the balance sheet, this amount is reflected in line 240 "Accounts receivable" of section 2 "Current assets". At the same time, line 515 of section 4 shall indicate the collapsed balance of the deferred tax liability.
