Records and Books Chapter- 04
Sr. Section Topic covered
For CAF-6 AND ICMAP Students- 22 Records
- 23 Tax invoices
- 24 Retention of record & documents for 6 years
- 25 Access to records & documents etc.
- 25A Drawing of samples
- 25AA Transaction between associates
MCQ’s with solutions
ICMAP & CA mod C past papers theoretical questions
In this chapter
CIR stands for Commissioner Inland Revenue
RP stands for Registered Person
Book keeping and invoicing requirements (U/s 22 to 25AA):
- Records (U/s 22)
A RP making taxable supplies shall maintain and keep at his business premises or registered office in
English or Urdu language the following records of goods purchased, imported and supplies (including
zero-rated and exempt supplies) made by him or by his representative in such form and manner for
ascertainment of his tax liability during a tax period:
(a) records of supplies made shall indicate the description, quantity and value of goods, name and
address of the person to whom supplies were made and the amount of the tax charged;
(b) records of goods purchased shall show the description, quantity and value of goods, name,
address and registration number of the supplier and the amount of the tax on purchases;
(c) records of goods imported shall show the description, quantity and value of goods and the
amount of tax paid on imports;
(d) records of zero-rated and exempt supplies.
(da) double entry sales tax accounts;
(e) invoices, credit notes, debit notes, bank statements, banking instruments inventory records,
utility bills, salary and labour bills, cash book, rental agreements, sale purchase agreements
and lease agreements;
(ea) record relating to gate passes, inward or outward, and transport receipts;
(eb) Electronic version of records mentioned in clauses (a) to (ea) of this sub-section.and
(f) such other records as may be specified by the Board:
The persons paying retail tax shall keep such record as may be specified by the Board.
The Board may specify for any class of taxable persons or any other person registered under this Act
to keep such other records for the purposes of this Act4 RECORDS AND^ BOOKS^
Chapter