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Books and
accounts.
(1) Where a person appearing to be chargeable with tax fails or
refuses to keep books or accounts which, in the opinion of the Commissioner are
adequate for the purpose of computing tax, the Commissioner may, by notice in
writing, require that person to keep the records, books, and accounts, and to keep
them in the language, specified in the notice.
(2) A person carrying on a business shall preserve every book of
account, and every document which is essential to the explanation of any entry
in any book of account, relating to the business for a period of not less than ten
years after the year of income to which that book of account or document
relates:
Provided that, subject to section 56, this section shall not require the
preservation of a document or book of account -
(i) in respect of which the Commissioner has notified that person in
writing that its preservation is not required; or
(ii) in the case of a company which has gone into liquidation and has
been finally dissolved or in the case of the cessation of a business
other than one carried on by a company, for more than three
months after the date on which the person having custody of the
documents or books of account relating to the company or
business as the case may be, informs the Commissioner that he
proposes to destroy them.
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