Maintenance of accounts

Tax200742 sections3 chapters

Chapter III Chapter III

Statutory text

(1) Every registered proprietor, and every proprietor liable to get himself registered under this Act shall maintain and keep true and complete accounts relating to his business as well as such other registers or records as may be prescribed. All such accounts, registers or records shall be retained by the proprietor until the assessment, appeal, revision or other proceedings in respect of such year have been concluded and if any proceedings in respect of such year have been initiated or are pending, the same is disposed of.
(2) Every proprietor liable to pay tax shall issue a bill or cash memorandum in respect of the charges for lodging accommodation or charges for banquet hall recovered by him from a guest or any person and shall specify in such bill or cash memorandum, the full name of the hotel or banquet hall, the amount of tax recovered, the name of the guest or any person from whom it is recovered and where the charges are recovered in any foreign exchange, the name of the currency.

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