ISLAMABAD: Federal Board of Revenue (FBR) has said that under the law professionals are required to maintain record of all transactions.
The FBR issued Income Tax Rules, 2002 (updated September 08, 2020).
The FBR said that professionals (like medical practitioners, legal practitioners, accountants, auditors, architects, engineers etc.) are required following for record keeping:-
(a) Serially numbered and dated patient-slip/ invoice/ receipt for each transaction of sale or receipt containing the following:-
(i) taxpayer’s name or the name of his business or profession, address national tax number 1[or CNIC] and sales tax registration number, if any;
(ii) the description, quantity and value of medicines supplied or details of treatment /case/ services rendered (confidential details are not required) and amount charged; and
(iii) the name and address of the patient/client:
Provided that the condition of recording address of the patient on the patient slip under this clause shall not apply to general medical practitioners;
(b) Daily appointment and engagement diary in respect of clients and patients:
Provided that this clause-shall not apply to general medical practitioners;
(c) 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
(d) Vouchers of purchases and expenses.