ISLAMABAD, June 14: The Central Board of Revenue (CBR) has notified new rules for maintaining proper books of account, documents and records of income derived from businesses or profession by all taxpayers.

CBR issued a notification here on Friday amending the income tax rules, 1982 by inserting a new chapter in it titled “books of account, documents and records to be maintained from July 1, 2002.

According to the notification the non-corporate entities deriving income from business and profession were divided into two categories—upto Rs200,000 and more than Rs200,000.

The retailers with income up to Rs200,000 would only be required to maintain cash memos, voucher and receipts. They would also be required to maintain the day book of sales/receipts and expenses.

Under the rules, professionals would be required to maintain records already prescribed under the old rules.

CBR official spokesman and member direct taxes, Vakil Ahmed Khan in a statement said that CBR has made arrangements for rendering all possible assistance and guidance. Necessary liaison with association will be made soon, he added.

Elaborating the need of record keeping rules, Mr. Khan said the income tax ordinance 2001 to be effective from July 1 envisaged universal assessment scheme for the income starting from July 1, 2002.

This scheme, he said, offers acceptance of return of all categories of taxpayers without any condition of status, income or nature of business.

The spokesman said that even where loss was declared, the self assessment scheme would apply.

Mr. Khan said that one of pillars on which this scheme rested was compulsory maintenance of records. Considering our low literacy and the fact that it was a beginning of new system, easily comprehensible bare minimum records were proposed.

He said that valuable suggestions from various quarters particularly the representatives of trade bodies were discussed. These proposals were considered and would be incorporated in the final rules, the spokesman added.