Often, companies incur losses due to the financial results of their activities for any reason. In this case, it is mandatory to fill out the profit declaration. Tax legislation regulates the procedure for calculating losses depending on the transactions for which they have arisen.
It is necessary
- - income tax declaration;
- - tax law;
- - financial statements for the reporting period;
- - documents of the organization.
Instructions
Step 1
The financial results of the enterprise, for which profit is obtained, are included in the tax base and are taxed at a rate of 24%. Tax legislation defines a special procedure for calculating losses. They can be recognized in part, gradually or excluded from the calculation altogether.
Step 2
The Tax Code contains a list of transactions for which no losses can be recognized. An adjustment is made to their amount. The amount of losses is entered on the second sheet of the profit declaration in line 050. In subsequent reporting periods, you can include them in expenses. They will be recognized as additional.
Step 3
The organization has the right to transfer the amount of losses to the next reporting periods. If the companies they appear in several quarters at once, then the company will be able to take them into account only in the sequence in which they were received.
Step 4
If you did not include the amount of the loss in the next quarter, then you can do it later. Losses are carried forward for nine years as they arise.
Step 5
On the second sheet of the income tax return, line 020 reflects the tax base. The amount of losses on line 110 may exceed taxable profit as there is no longer a limit. They were removed by tax legislation on January 1, 2007.
Step 6
All businesses that charge income tax must pay advance payments. If you have suffered a loss in the current period, and in the previous period a profit was made, then you must calculate and transfer advances to the state budget.
Step 7
If you received a loss in the previous period, which was carried over to the reporting period, then the amount of the advance will be equal to zero, provided that the tax base is also zero.
