Income tax is one of the taxes that a legal entity is obliged to pay. For the correct calculation of the amount of tax payable, it is necessary to clearly know the conditions under which this payment must be made.
Instructions
Step 1
Income tax is a tax on the net profit received by a company, that is, on income minus expenses. This rule applies to all Russian companies. If the company is foreign, its representative offices fall under taxation. If it does not have a representative office, income derived from Russian sources is taxed.
Step 2
Income can be divided into two categories. Realizable income is the proceeds from the sale of property rights, goods and services. Non-operating income - profit earned from the difference in exchange rates, rental of real estate, etc. The costs in this case are defined as economically justified costs, each of which must be documented. They are split according to the same principle as income.
Step 3
When calculating income tax, you should pay special attention to such a parameter as depreciable property. This includes any property owned by the company in the form of property for more than six months and worth more than 40,000 rubles. Its value should be reduced by amortization. Based on the type of property, there are groups into which it can be divided, each of them has its own depreciation rate. As well as costs and economically justified costs, depreciation is subject to deduction from profits to determine the tax base.
Step 4
The income tax period is one calendar year. This period of time is split into shorter ones - three, six and nine months. Roughly speaking, every three months the company must report its income to the tax authorities at the place of registration.
Step 5
The standard income tax rate is twenty percent. However, if the company is located in a free economic zone, the rate will be different. If a foreign company that does not have a representative office in Russia carries out transportation with the maintenance of vehicles, it must pay a tax of ten percent. There are also a number of types of profit for which the tax rate is lower - for example, for dividend tax it is nine percent.
