INCOME TAX ACT 1967 (ACT 53)
PART V - RETURNS




Section 82. Duty to keep records and give receipts.


(1) Subject to this section, every person carrying on a business-

[Subs. Act A1093:s.9]
[Am. Act 451:s.20]
(1A) Where a person carrying on a business has not furnished a return under subsection 77(1) , (1A) or (1B) for a year of assessment, that person shall keep and retain the records referred to in subsection (1) that relate to that year of assessment for a period of seven years after the end of the year in which the return is furnished.

[Ins. Act A1093:s.9]

(2) Where in the carrying on of a business a machine is used for recording sales, the issue of receipts pursuant to paragraph (1)(b) may be dispensed with except where the Director General is not satisfied-

(3) The Director General may specify by statutory order in respect of any class or description of business (or by notice under his hand in respect of the business of any particular person)-

(4) The Director General may waive all or any of the provisions of subsection (1) in respect of any business or records or any class or description of business or records.

(5) The Director General, if he is of the opinion that any accounts or records produced by any person to the Director General for the purpose of ascertaining the income of a person are insufficient or inadequate for that purpose, may by notice under his hand require that person to produce, in respect of any period or periods specified in the notice and within a time so specified (that time not being less than thirty days from the service of the notice), accounts audited by a professional accountant together with a report made by that accountant which shall contain, in so far as they are relevant, the matters set out in subsections 174(1) and (2) of the Companies Act 1965.

[Am. Act 451:s.20]
(6) Any person who under subsection (1) is required to keep records shall cause appropriate entries to be made in those records in respect of transactions within sixty days of each transaction.

(7) Any person who is required by this section to keep records and-


[Ins. Act A1093:s.9]

(8) All records that relate to any business in Malaysia shall be kept and retained in Malaysia.

[Ins. Act A1093:s.9]

(9) For the purposes of this section, "records" include-


[Ins. Act A1093:s.9]
___________________________________________________

[Shall have effect for the year of assessement 2004 and subsequent years of assessment. ]

(1A) Where a person carrying on a business has not furnished a return under section 77(1) , 77A(1) or (2) for a year of assessment, that person shall keep and retain the records referred to in subsection (1) that relate to that year of assessment for a period of seven years after the end of the year in which the return is furnished.

[Am. Act A1151:s.9]

Related reading:
[Am. Act 451:s.20, Am Act A1093:s.9]


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