Records and Returns Flashcards
What records are required to be maintained by registered person at his registered office? (22)
RETAINED FOR 6 YEARS
1. Records of:
-purchases
-imports
-supplies made indicating description,qty, value
-name, address, NTN of the buyer/supplier and amount
charged or paid
- SALES TAX RECORDS OF 0% AND EXEMPT SUPPLIES
- Invoices, DCN, bank statements, banking instruments, inventory records, utility bills, salary, labour bills, cashbook, rent agreement, sale tax purchase
- Gate passes, inward or outwards, transport receipts
- Double entry sales tax accounts
- Electronic version of records
- Other records specified by board
Revised return (6)
- may file a revised return with approval of CIR within 120 DAYS of original return.
- CIR approval not required if revised within 60 DAYS or where tax payable is more than original
- If sales tax is revised voluntarily with payment of short tax paid or evaded:
before audit note: no penalty
during audit before showcause: 25% penalty
issuance of showcause: full penalty
When is assessment (of tax inc. def surch and penalty) made by officer inland revenue? (5)
- fails to file sales tax return
- pays less tax than actually payable due to miscalcu
- darned incorrect input tax or refund
- tax due on supplies made is short paid or not paid
- tax not levied or short levied due to inadvertence, error, misconstruction or deliberately
When is TAX RECOVERED WITHOUT NOTICE? (4)
When reg person has not paid tax payable with return or short paid, then it would be recovered by
- attachments of his bank account
and
- stopping removal of any goods from business premises
(FOR PENALTY IMPOSITION SC NOTICE IS REQUIRED TO BE ISSUED)
Authorized officer taking sample
For purpose of determining ST Liab/ establishing value of taxable goods,
- Auth officer can take minimum qty of goods/rm against a proper receipt
- copy of such receipt shall be kept in record by person and CIR
