Written by Akhter Syed in Taxation New rules require businesses, professionals, wholesalers and manufacturers to maintain invoices, cash books, expense vouchers and stock records according to their income and business category. The Federal Board of Revenue (FBR) has prescribed minimum record-keeping requirements for all taxpayers, other than companies, deriving business income during tax year 2027. The FBR issued Income Tax Rules, 2002 updated September 15, 2026 for tax year 2027 (July 1, 2026 to June 30, 2027). Under Rule 30 of the Income Tax Rules, 2002, taxpayers must maintain specific books of accounts, documents and records according to their business income and nature of activities. Taxpayers earning business income of up to Rs500,000, including new businesses, must maintain serially numbered invoices or receipts, daily records of receipts, sales, purchases, payments and expenses, along with supporting vouchers. For businesses earning more than Rs500,000, including wholesalers, distributors, dealers and commission agents, requirements also include cash or bank books,…