1) The books of account should be written up at regular intervals.
Appropriate entries for each transaction should be recorded not later than 60 days after the transaction
2) Supporting documents such as invoices, bank statements,pay-in slips, cheque butts, receipts for payments, payroll records and copies of receipts issued should be retained.
3) Receipts issued should be serially numbered if sale of goods exceeds RM150,000/year or performance of services exceeds RM100,000/year
4) A valuation of the stock in trade or work in progress should be made at the end of each accounting period and the appropriate records maintained
Period for keeping records
Records are to be retained for at least 7 years from the end of the year which records relate/return is furnished/to be retained until appeal is finally determined
Records to be kept in the national language or English
The Consequences if Sufficient Records Are Not Kept
a fine of not less than RM300 and not more than RM10,000 or to imprisonment for a term not exceeding 12 months, or to both.
Effective Ya2001 and subsequent years of assessment
source: summarised from
http://www.hasil.gov.my/pdf/pdfam/PR4_2000_Rev.pdf
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