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Keeping of books of account and giving of receipts

Income Tax Act 1947

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—(1) Subject to subsection (3), every person carrying on or exercising any trade, business, profession or vocation —(a)must keep and retain in safe custody sufficient records for a period of 5 years from the year of assessment to which any income relates to enable the person’s income and allowable deductions under this Act to be readily ascertained by the Comptroller or any officer authorised in that behalf by the Comptroller; and(b)must, if the gross receipts from such trade, business, profession or vocation in the preceding calendar year exceeded $18,000 from the sale of goods, or $12,000 from the performance of services, issue a printed receipt serially numbered for every sum received in respect of goods sold or services performed in the course of or in connection with such trade, business, profession or vocation, and must retain a duplicate of every such receipt.(2) Where a machine is used for recording sales, a receipt may be dispensed with if the Comptroller is satisfied that —(a)such machine automatically records all sales made; and(b)the total of all sales made in each day is transferred at the end of the day to a record of sales.(3) The Comptroller may by written notice to any person carrying on or exercising any trade, business, profession or vocation, or by a notice in the Gazette in respect of any class or description of any such person, prescribe —(a)the form of the records to be kept under subsection (1)(a), and the manner in which such records must be kept and retained; and(b)the form of the receipts to be issued and the duplicates to be retained under subsection (1)(b), and the manner in which such receipts must be issued and such duplicates must be retained,and every such person is bound to comply with such notice.(4) The Comptroller may waive all or any of the provisions of subsection (1) in respect of any person or records or any class or description of persons or records.(5) In this section, “records” includes —(a)books of account recording receipts or payments or income or expenditure;(b)invoices, vouchers, receipts, and such other documents as in the Comptroller’s opinion are necessary to verify the entries in any books of account; and(c)any records relating to any trade, business, profession or vocation.

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