FBR makes customers’ details mandatory for transactions over Rs10,000
FBR has made record maintenance mandatory for business with income exceeding Rs. 500,000.
Federal Board of Revenue (FBR) has made customers’ details mandatory for wholesalers, distributors, or commission agents for all transactions over Rs. 10,000. The regulatory body added that record maintainence is important
(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.