At the end of the year, the enterprise should calculate the total profit realized for the year according to the relevant information of the "profit of the year" account. The enterprise shall adjust the total profit according to the regulations, including making up for the loss of the previous year, deducting the investment profit for which income tax has been paid, etc., and the adjusted balance shall constitute the taxable income of the enterprise in the current year. The taxable income of the current year is multiplied by the prescribed tax rate to obtain the tax payable of the enterprise. If an enterprise has ** overseas income, the income tax amount it has paid abroad shall be deducted from the tax payable according to the regulations.
Accounting entries for final settlement and payment of income tax
1) When income tax is required:
Borrow: Prior year profit and loss adjustments.
Credit: Tax Payable - Income Tax Payable.
Debit: Tax Payable - Income Tax Payable.
Credit: Bank deposits.
2) When overpaid income tax needs to be refunded:
Debit: Other receivables - income tax refund.
Credit: Prior Year Profit and Loss Adjustment.
Borrow: Bank deposit.
Credit: Other Receivables - Income Tax Refund.
3) Carry forward profit and loss.
Debit: Profit distribution - undistributed profit.
Credit: Prior Year Profit and Loss Adjustment.
If it is an overpayment of income tax profit or loss, make the opposite entry.
Accounting entries for final settlement and supplementary income tax:
1) When making back income tax:
Borrow: Prior year profit and loss adjustments.
Credit: Tax Payable - Income Tax Payable.
2) Month-end closing**
Debit: Profit distribution - undistributed profit.
Credit: Prior Year Profit and Loss Adjustment.
3) When paying:
Borrow: Tax Payable - Income Tax Payable.
Credit: Bank deposits.
Problems that need to be paid attention to in the final settlement of enterprise income tax:
Unless otherwise specified, taxpayers shall, within 5 months after the end of the tax year, submit the Annual Tax Return of Enterprise Income Tax and other relevant materials required by the tax authorities to the in-charge tax authorities, and go through the formalities of settling the taxes. If a taxpayer is unable to file a tax return on time due to force majeure (for example, due to the impact of a freezing disaster), he or she can apply for an extension of tax declaration in accordance with the provisions of the Tax Administration Law and its implementation rules.
Property damage must be declared
According to Article 4 of the Announcement of the State Administration of Taxation on Issuing the Administrative Measures for the Pre-tax Deduction of Income Tax on Enterprise Asset Losses (Announcement No. 25 of 2011 of the State Administration of Taxation), the actual asset losses of an enterprise shall be declared and deducted annually when it is actually incurred and has been treated as a loss in accountingFor the loss of statutory assets, the enterprise shall provide evidence to the in-charge tax authorities to prove that the assets have met the conditions for recognition of statutory asset losses, and the losses have been treated as losses in the annual declaration and deduction. Article 5 of the Announcement also stipulates that the asset losses incurred by an enterprise shall be declared to the in-charge tax authorities in accordance with the prescribed procedures and requirements before they can be deducted before tax. Undeclared losses are not deductible before tax.
Exemption and exemption benefits must be recorded
The Administrative Measures for Tax Reduction and Exemption (Trial) (Guo Shui Fa 2005 No. 129) stipulates that tax reduction and exemption are divided into tax reduction and exemption for approval and tax reduction and exemption for filing. Approval tax reduction and exemption refers to the tax reduction and exemption items that should be examined and approved by the tax authorities;Record-filing tax reduction and exemption refers to the tax reduction and exemption items that have cancelled the approval procedures and the tax reduction and exemption items that do not require the approval of the tax authorities. Taxpayers who enjoy the tax reduction and exemption for approval shall submit the corresponding materials and submit an application, which shall be executed after examination and approval by the tax authorities with examination and approval authority in accordance with the regulations. Taxpayers who enjoy tax reduction and exemption for filing shall apply for filing, and after being registered and filed by the tax authorities, they shall be implemented from the date of registration and filing. Taxpayers who fail to file in accordance with the provisions shall not be allowed to reduce or reduce taxes.
Tax matters should be adjusted
At present, there is a big difference between the tax system and the accounting system, and in terms of pre-tax expenditure of costs and expenses, the tax law stipulates that items can be disbursed, are not allowed to be disbursed, and are restricted, which requires taxpayers to examine the cost and expense items one by one, and adjust those that do not meet the requirements in the final settlement. The final settlement of enterprise income tax generally involves adjustment of accounts and adjustment of tax matters. The accounting adjustment is only an adjustment to the accounting treatment made in violation of the provisions of the accounting system, while the tax adjustment is an adjustment to the difference between the accounting and tax laws. The former must make on-the-books adjustments to bring them into line with accounting regulationsThe latter is only adjusted off-the-books, i.e. only in the tax return, and through the adjustment it is brought into line with the provisions of the tax law.
Annual losses are to be made up
Losses incurred in the tax year of an enterprise are allowed to be carried forward to subsequent years and made up with the income of the following years, but the carry-forward period shall not exceed 5 years.
The caliber of reporting should be uniform
According to the provisions of the Enterprise Income Tax Law, if the financial and accounting treatment of the enterprise is inconsistent with the provisions of the tax law when calculating the taxable income and income tax payable, it shall be calculated in accordance with the provisions of the Enterprise Income Tax Law. If the provisions of the enterprise income tax law are not clear, before there are clear provisions, the calculation shall be temporarily calculated according to the financial and accounting provisions of the enterprise, so as to fill in the standard of unified reporting. It mainly includes a series of data such as pre-tax deduction of reserves, pre-tax deduction of asset losses, non-taxable income, tax-exempt income, investment loss deduction, tax incentives, loss recovery, and enterprise asset disposalIt is necessary to follow the relevant tax laws and regulations and financial system regulations to ensure that the caliber is consistent.
Be proficient in the electronic filing process
After the installation of the system, when entering the enterprise information for the first time, it is necessary to carefully fill in the basic information of the enterprise, including the industry, economic nature, accounting method, that is, local payment or summary payment, etc., these basic information must be filled in, and the tax registration information, that is, the registration information in the CTAIS of the tax bureau, can be declared successfully. When entering data, enterprises must fill in each **, including the main table, schedules and financial statements, and fill in zero if there is no data. In particular, the opening and closing numbers of the financial statements should be filled, and the opening number of the balance sheet should not be zero. Last year, the beginning of the balance sheet of some enterprises was filled in zero, and the result could not be packaged, and the beginning of the balance sheet of the newly opened enterprise was filled in the economic status of the enterprise at the time of opening, remember that it cannot be zero. In the main form of the return, if the enterprise is loss-making, it should not be filled in the negative number in the column of taxable income, but 0.
The above is the relevant content of the accounting entries for final settlement and payment of income tax, the practice of accounting entries is different in different situations, and some of the precautions are also briefly understood. In practice, such problems can be easily dealt with.
VAT carry-forward entries.
1. Carry-forward input tax
Debit: Tax Payable - VAT Payable (Transfer Out Unpaid VAT).
Borrow. Tax Payable - VAT payable (input tax).
2. Carry-over output tax:
Debit: Tax Payable - VAT Payable (Output Tax).
Credit: Tax Payable - VAT Payable (Transfer Out Unpaid VAT).
3. Carry forward the value-added tax payable (i.e. the difference between purchase and sales).
Debit: Tax Payable - VAT Payable (Transfer Out Unpaid VAT).
Credit: Tax payable - VAT not paid (debit or credit).
If there is a balance on the debit side of the "Tax Payable - Unpaid VAT" account, it is the input tax with retained credit;If there is a balance on the credit side, it is the tax due.
4. Pay the unpaid VAT due in the previous month
Debit: Tax Payable - VAT Not Paid.
Credit: Bank deposits.
Pay the VAT for the current month in the current month
Debit: Tax Payable - VAT Payable - Tax Paid.
Credit: Bank deposits.
At the end of the month, the "Tax Paid" account is transferred to the "VAT Unpaid" account.
Note:
Some enterprises with small business volume choose to make one-time accounts at the end of the month, or they can directly account for the "unpaid VAT" account without accounting for "tax paid".
VAT is paid in advance for the current monthprocessing
Debit: Tax Payable - VAT Withheld.
Credit: Bank deposits.
Accounting treatment when a business incurs a tax liability:
Debit: Tax Payable - VAT Payable (Transfer Out Unpaid VAT).
Credit: Tax Payable - VAT Not Paid.
Debit: Tax Payable - VAT Not Paid.
Credit: Tax Payable - VAT Prepaid.
7. Pay more VAT in the current month
Debit: Tax Payable - VAT Not Paid.
Credit: Tax Payable - VAT Payable - Overpaid VAT Transfer.
8. Accounting treatment of year-end carry-over
The monthly debit balance of the detailed account under the "VAT payable" account can not be carried forward, but must be closed at the end of the year.
Specific accounting treatment:
(1) Carry forward the detailed balance of the debit
Debit: Tax Payable - VAT Payable (Transfer Out Unpaid VAT).
Credit: Tax Payable - VAT Payable - (Input Tax, Tax Paid, Tax Exemption, Output Tax Credit, Export Tax Credit, Domestic Sales Tax Payable).
(2) Carry forward the credit detail balance
Debit: Tax payable - VAT payable - (output tax, export tax rebate, input tax transferred out, transferred out of overpaid VAT).
Credit: Tax Payable - VAT Payable (Transfer Out Unpaid VAT).
(3) According toThe debit difference of the "Tax Payable - VAT Payable - Transferred Out Unpaid VAT" account is transferred to the debit or credit of the "Tax Payable - Unpaid VAT" account.
Debit: Tax Payable - VAT Payable (Transfer Out Unpaid VAT).
Credit: Tax payable - VAT not paid (debit or credit).
Note:
If the "Tax Payable - VAT Not Paid" accountDebitThere is a balance, indicating that there is a retained input tax at the end of the year, ifThe credit side has a balance, the VAT payable is debited to the "Tax Payable - Unpaid VAT" account and credited to the "Bank Deposit" account when it is paid at the beginning of the next month.
If the year-end accounting treatment is correct, the balance of the "Tax Payable - VAT Payable" detail account is zero, and the balance of the "Tax Payable - VAT Unpaid" account in the financial statements at the end of the period should be consistent with the VAT tax return figures.
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