ISLAMABAD: Federal Board of Revenue (FBR) has said that wholesalers, distributors or commission agents are required to maintain record of each transactions above Rs10,000.
The FBR said that following record maintenance is mandatory by taxpayers with business income exceeding Rs. 500,000 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 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 expenses will suffice;
(c) General ledger or annual summary of receipts, sales, payments, purchases and expenses under distinctive heads;
(d) Vouchers of purchases and expenses and where a single transaction exceeds Rs.10,000 with the name and address of the payee; and
(e) Where the taxpayer deals in purchase and sale of goods, quarterly inventory of stock-in-trade showing description, quantity and value.