Government of
Revenue Division
Central Board of Revenue
. .
*
N o t i f i c a t i o n
(Income Tax)
S.R.O. 168(I)/2002.- The following draft amendment in the Income Tax Rules,
1982, proposed to be made in exercise of the powers conferred by sub-section
(1) of section 165 of the Income Tax Ordinance, 1979 (XXXI of 1979), is hereby
published, as required by sub-section (4) of the said section, for the
information of all persons likely to be affected thereby, and notice is hereby
given that the draft will be taken into consideration after fifteen days of its
publication in the official Gazette.
Any objection or
suggestion, which may be received from any person in respect of the said draft
before the expiry of the aforesaid period, shall be considered by the Central
Board of Revenue.
Draft Amendment
In the Income Tax Rules, 1982, in Part-III, after Chapter
A, the following new Chapter shall be inserted, namely, -
“Chapter
AA
Books of account and documents to be maintained w.e.f.,
(1) Every taxpayer deriving income
chargeable under the head “Income from business or profession” shall maintain
proper books of account, documents and records with respect to -
(a)
all
sums of money received and expended by the taxpayer and the matters in respect
of which the receipt and expenditure takes place;
(b)
all
sales and purchases of goods by the taxpayer;
(c)
all
assets of the taxpayer;
(d)
all
liabilities of the taxpayer; and
(e)
in case of a taxpayer engaged in assembly, production, processing,
manufacturing, mining or like activities, all items of cost relating to the
utilization of materials, labour and other inputs.
(1)
If
a person uses fiscal electronic cash register or a computerized accounting software,
it may issue the fiscal electronic cash register or computer generated cash
memo/ invoice/ receipt in the format and manner so approved by the respective
Commissioner of Income Tax; and
33B. In particular, and without prejudice to the
generality of the provisions of Rule 33A, the following minimum books of
account and documents are required to be maintained by various categories of
taxpayers deriving income chargeable under the head “Income from business or
profession”.-
(1)
Persons
with business income upto Rs.
150,000 and new taxpayers deriving income from business (excluding other
categories to which other sub-rules in this Chapter apply).-
(a) Numbered cash memo/ invoice/ receipt for
each transaction of sale or receipt with taxpayer’s business name, address,
national tax number and sales tax registration number, if any. Such cash memo/
invoice/ receipt must indicate the description, quantity and value of goods
sold or services rendered;
(b) Daily record of sales/ receipts and
purchases/ expenses etc., in the following format or as near thereto as the
circumstances permit.-
|
Date |
Particulars (Nature of receipt and payment) |
Sales/ Receipts (Rupees) |
Purchases/ expenses (Rupees) |
Balance (Rupees) |
Note: A
single consolidated entry of daily sale/ receipt etc.,
will suffice.
(c) Vouchers of expenses exceeding Rs. 500.
(2)
Persons with business income exceeding Rs.
150,000 but not exceeding Rs. 300,000 (excluding
other categories to which other sub-rules apply).-
(a) Numbered cash memo/ invoice/ receipt for
each transaction of sale or receipt with taxpayer’s business name, address,
national tax number and sales tax registration number, if any. Such cash memo/
invoice/ receipt must indicate the description, quantity and value of goods
sold or services rendered;
(b) Daily record of sales/ receipts and
purchases/ expenses in the following format or as near thereto as the
circumstances permit .-
|
Date |
Particulars (Nature of receipt and payment) |
Sales/ Receipts (Rupees) |
Purchases/ expenses (Rupees) |
Balance (Rupees) |
Note: A
single consolidated entry of daily sale/ receipt etc.,
will suffice.
(c) Vouchers of expenses exceeding Rs. 500;
(d)
Year end inventory of
stock-in-trade showing value (where applicable); and
(e) In
case of credit transactions complete and identifiable particulars of the
customer or payee a summary of total sales/ receipts or purchases/ expenses etc
during the year and outstanding balance at the year end.
(3) Persons with business income exceeding Rs. 300,000 (excluding other categories to which other
sub-rules apply) and whole-sellers, distributors, dealers and commission
agents.-
(a)
Numbered cash memo/ invoice/ receipt for each transaction
of sale or receipt with taxpayer’s business name, address, national tax number
and sales tax registration number, if any. Such cash memo/ invoice/ receipt
must indicate the description, quantity, value of goods sold or services
rendered and in cases of whole sellers, distributors, dealers and commission
agents where a single transaction exceeds Rs. 10,000
name and address of the customer;
(b) Cash book and/ or bank book or daily
record of sales/ receipts and purchases/ expenses in the following format or as
near thereto as the circumstances permit.-
|
Date |
Particulars (Nature of receipt and payment) |
Sales/ Receipts (Rupees) |
Purchases/ expenses (Rupees) |
Balance (Rupees) |
Note: A
single consolidated entry of daily sale/ receipt etc.,
will suffice.
(c)
Journal (where applicable);
(d) General
ledger;
(e) Vouchers of expenses exceeding Rs. 500;
(f) Quarterly
inventory of stock-in-trade showing value (where
applicable); and
(g) In
case of credit transaction complete and identifiable particulars of the
customer or payee a summary of total sales/ receipts or purchases/ expenses etc
during the year and outstanding balance at the year end.
(4) Professionals (like medical
practitioner, legal practitioner, accountant, auditor, architect, engineer
etc.). –
(a) Numbered patient slip/ invoice/ receipt
for each transaction of services rendered or receipt with taxpayer’s name or
business name, address, national tax number and sales tax registration number,
if any. Such patient slip/ invoice/ receipt must indicate the details
(confidential details not required) of treatment/ case/ services rendered etc
and where a single transaction exceeds Rs. 10,000
name and address of the patient/ client etc;
(b)
Cash book and/ or bank book or daily record of sales/
receipts and purchases/ expenses etc., in the following format or as near
thereto as the circumstances permit.-
|
Date |
Particulars (Nature of receipt and payment) |
Receipts (Rupees) |
Payments (Rupees) |
Balance (Rupees) |
Note: A
single consolidated entry of daily sale/ receipt etc.,
will suffice.
(c) Journal (where applicable);
(d)
General ledger;
(e) Vouchers
of expenses exceeding Rs. 500; and
(f) In
case of credit transactions complete and identifiable particulars of the
customer or payee a summary of total receipts or expenses etc during the year
and outstanding balance at the year end.
(c) Journal (where applicable);
(d) Sales day book/ sales ledger and
purchases day book/ purchase ledger (where applicable);
(e) General ledger;
(f) Vouchers to substantiate all payments
exceeding Rs. 500 and where a single transaction
exceeds Rs. 10,000 name and address of the payee; and
(g) Stock register of stock-in-trade (major
raw material and finished goods) and quarterly inventory of work-in-process,
showing quantity, value and supported by gate in-ward and out-ward records
(where applicable).
33C. Documents for persons deriving income from salary, rent,
dividends and capital gains.-
(1)
For
salaried persons. – Salary certificate;
(2) For persons deriving income from property
–
(a)
copy of rent agreement.
(b)
Proof
of payment of property tax etc and other expenses claimed;
(3) For persons deriving income from dividend
and interest. –
(a)
Dividend
warrants;
(b)
Certificates/
bank statement of interest and payment of tax; and
(4)
Persons deriving income from capital
gains. – Proof of
purchase and sale of assets;”
[C. No. 4(6)IT-Jud/01]
Additional
Secretary