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) 2017

Basis PeriodRecords Kept UntilCompulsory Period for Keeping Proper Records
1 Jan 2016 to 31 Dec 2016       31 Dec 2021Five 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.

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