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020322
GOVERNMENT OF PAKISTAN REVENUE
DIVISION CENTRAL BOARD OF REVENUE
Islamabad, March 22, 2002
NOTIFICATION
(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. 1st July, 2002.
33A. Principle of record-keeping:-
(1) Every 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.
(2) 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;
(c) 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 customers;
(b) Cash book and/or bank book or daily record of sales/receipts and pruchases/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 to
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;
(d) 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) |
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) In case of credit transaction 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.
(5) Manufacturers (with turnover exceeding Rs. 2.5 million) and companies:-
(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 where a single transaction exceeds Rs.
10,000, name and address of the customer;
(b) Cash book and/or bank book;
(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 or 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]
Sd/-
VAKIL AHMAD KHAN
Member (Direct Taxes/Additional Secretary)
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