Transactions over Rs10,000: Mandatory maintenance of customer details  

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Posts: 694
16/11/2020 3:31 pm  

The Federal Board of Revenue (FBR) has said that wholesalers, distributors or authorized agents must maintain records of each transaction of Rs10,000 or more.

The FBR stated that taxpayers are required to keep the following records with business income in excess of Rs 500,000 and wholesalers, distributors, dealers and commission agents:-

(a)  Dated Cash memo/invoice/receipt with serial number for each transaction on a sale or receipt, including:-

(i) Taxpayer's name or business name, address, national tax number or CNIC and sales tax registration number (if any)

(ii) the description, quantity and value of the goods sold or services provided; and

(iii) For wholesalers, distributors, dealers and authorized agents in which a single transaction exceeds Rs.10,000, the customer's name and address;

As long as each transaction does not exceed Rs.100, you can keep more than one cash memo per day for all such transactions.

(b) Cash books and/or bankbooks or daily records of receipts, sales, payments, purchases and expenses; A single item is enough for daily receipts, sales, purchases and other responsible for expenses.

(c) General Ledger or  Annual summary of receipts, sales, payments, purchases and expenses under the distinctive head;

(d) The voucher for purchases and expenses and where a single transaction exceeding Rs.10,000 with the name and address of the payee; and

(e) Quarterly transactional inventory showing description, quantity and value if the taxpayer deals in the purchase and sale of goods.

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