Businesses & Employers

Businesses & Employers

Individuals

Individuals

Business Records

Keeping Of Business Records

The Income Tax Act requires that every person carrying on a business or deriving income other than salary and wages shall keep sufficient records to enable that person’s assessable income and allowable deductions to be readily ascertained by the Tax Department.

Such records must be kept for a minimum period of 5 years after the completion of transactions.

 

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