Maintenance of accounts: mandated recordkeeping for taxable persons with special rules for international transactions and prescribed documentation. Every person must keep and maintain books of account and other documents enabling the Assessing Officer to compute total income; persons entering into international transactions must retain prescribed information relating to those transactions. Specified professionals and other businesses meeting or likely to meet prescribed thresholds are subject to the obligation. Required records include cash book, ledger, journal where applicable, daily inventory register, serially numbered bills and receipts above the prescribed value, original bills for sizable expenditure, and payment vouchers for small expenditures without receipts. The Board may prescribe additional books, particulars, forms, places of maintenance and retention periods.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Maintenance of accounts: mandated recordkeeping for taxable persons with special rules for international transactions and prescribed documentation.
Every person must keep and maintain books of account and other documents enabling the Assessing Officer to compute total income; persons entering into international transactions must retain prescribed information relating to those transactions. Specified professionals and other businesses meeting or likely to meet prescribed thresholds are subject to the obligation. Required records include cash book, ledger, journal where applicable, daily inventory register, serially numbered bills and receipts above the prescribed value, original bills for sizable expenditure, and payment vouchers for small expenditures without receipts. The Board may prescribe additional books, particulars, forms, places of maintenance and retention periods.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
