Income Tax Rules, 2002

CHAPTER-VII

DOCUMENTATION AND CO UNTRY-BY-COUNTRY REPORTING REQUIREMENTS RECORDS AND BOOKS OF ACCOUNTS PART-II BOOKS OF ACCOUNT PRESCRIBED

From: 2023-11-01 - To: 0000-00-00 30. In particular, and without prejudice to the generality of the provisions of Rule 29, every taxpayer, other than companies, deriving income chargeable under the head “Income from business” shall issue and maintain the following minimum books of account, documents and records.- (1) Taxpayers with business income upto Rs. 1[“500,000”] and new taxpayers deriving income from business (excluding taxpayers to whom sub-rules (2), (3) or (4) apply): (a) Serially numbered and dated cash-memo/ invoice / receipt for each transaction of sale or receipt containing the following:- (i) taxpayer’s name or the name of his business, address national tax number 2[“or CNIC”] and sales tax registration number, if any; and (ii) the description quantity and value of goods sold or services rendered: Provided that where each transaction does not exceed Rs.100, one or more cash-memos per day for all such transactions may be maintained; (b) Daily record of receipts, sales, payments purchases and expenses: a single entry in respect of daily receipts, sales, purchases and different heads of expenses will suffice; and (c) Vouchers of purchases and expenses. (2) Taxpayers with business income exceeding Rs. 3[“500,000”] (excluding taxpayers to whom sub-rules (1), (3) or (4) apply) and wholesalers, distributors, dealers and commission agents:- (a) Serially numbered and dated cash-memo / invoice / receipt for each transaction of sale or receipt containing the following:- (i) taxpayer’s name or the name of his business, address, national tax number 4[or CNIC] and sales tax registration number, If any; (ii) the description, quantity and value of goods sold or services rendered; and (iii) in case of a wholesaler, distributor, dealer and commission agent, where a single transaction exceeds Rs.10,000, the name and address of the customer; Provided that where each transaction does not exceed Rs.100, one or more cash-memos per day for all such transactions may be maintained; (b) Cash book and/or bank book or daily record of receipts, sales, payments, purchases and expenses; a single entry in respect of daily receipts, sales, purchases and different heads of…