Keeping Proper Records and Accounts

   

For income tax purposes, you are required to keep records of all income derived by the estate/trust and distributions made to the beneficiaries for five years.

Example: Records To Be Kept for Year of Assessment (YA) 2020

Basis PeriodRecords Kept UntilCompulsory Period for Keeping Proper Records
1 Jan 2019 to 31 Dec 2019       31 Dec 2024Five Years 

Trade Income

Prepare statements of accounts according to accounting standards.

Rental Income

Prepare statements of rental income and expenses .

Foreign Sourced Dividend Income

Please make copies of dividend vouchers for submission.