ISLAMABAD, April 23: The government has decided to levy penalty on all those persons who failed to maintain proper books of account, documents and records of income derived from business or professions.
Official sources told Dawn on Tuesday that the prosecution for failure to maintain record would come into force from July 1, 2002.
The Central Board of Revenue (CBR) had recently issued new rules for making it necessary for all taxpayers to keep proper records of their business and profession for assessment of income.
Officials said the new rules had already been sent to all stockholders for seeking their comments and suggestions within 15 days of the issuance, which, after vetting, would be made part of the rules.
The rules would also come into force from the next financial year of 2002-03, the officials said.
Elaborating further, the officials said in case a person fails to maintain proper records, he would commit an offence, which, on conviction, would be punishable under the Income Tax Ordinance, 2001.
Explaining the punishment, the officials said if the person deliberately failed to maintain the record he would be fined or be put behind the bar for a term not exceeding two years, or both.
