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Account books mandatory from July 1 for all businesses

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    Account books mandatory from July 1 for all businesses

    Finally. This should provide a lot more boost to the revenue generated by taxation, something that was non-existent till 2 years ago.
    All businesses to keep account books from July 1

    By Ikram Hoti

    ISLAMABAD: All doctors, lawyers, engineers, architects and consultants would have to keep books of accounts from July 1, 2002, sources revealed to The News.

    Keeping books of accounts would also be mandatory for private schools, hospitals, nursing homes, hotels, wholesalers, retailers, marriage halls, restaurants, caterers, jewellers and other small businesses.

    Maintenance of books of account for justifying declared amount of income will be mandatory from the first day of financial year 2002-2003 under an Income Tax payment Self Assessment Scheme the scope of which would be expanded next year to benefit all taxpayers.

    This scheme would be based on a comparatively low-rate income tax the basic idea behind which is to include all taxable incomes into the documentation process. The exorbitantly high rate of income tax and the condition to qualify for paying under self-assessment scheme had been keeping majority of taxpayers away from getting documented. Majority of service sector professionals and businessmen have also remained discouraged by the high rate of income tax and the condition of paying higher percentage of tax as compared to previous year.

    The new scheme, sources said, would, on the one hand, enable the fresh taxpayers to get documented while the laws are being toughened to maintain the books of accounts. The services sector professionals, retailers and wholesalers being the most delinquent income groups, their accounts would now regularly be checked, and non-maintenance of accounts punished, said sources.

    Accountants ki chandni


      They should hire Andersen