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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 Period | Records Kept Until | Compulsory Period for Keeping Proper Records |
---|---|---|
1 Jan 2019 to 31 Dec 2019 | 31 Dec 2024 | Five 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.